国际英语新闻：German unemployment falls below 3 million

BERLIN, Oct. 27 (Xinhua) -- German unemployment drops below the 3 million psychological line in October, said German Labor Minister Ursula von der Leyen on Wednesday.

Von der Leyen said the unemployment rate falls by 7.5 percent year-on-year after seasonal adjustment, staying at about 2.9 million, the lowest level since 1992.

The data represents "a great success" for the biggest economy in Europe, he said.

On Thursday, the Federal Labor Agency based in Nuremberg will publish the full text of the employment report.

The data has been widely expected beforehand. On Tuesday, GfK, a leading market research company, said "as early as October, unemployed people should move below the 3 million mark."

Private consumption is expected to rise 0.5 percent in 2010, thanks to upward trend in the labor market and stable consumer price, said GfK.

The Federal Statistical Office (Destatis) based in Wiesbaden said on Wednesday inflation rate is stable in October, only 0.1 percent up from September, according to a preliminary data.

German economy, which depends much on exports saw a quick rebound from last year's deep recession of minus 4.7 percent along with the world economy recovery in 2010

Last week, German economic minister Rainer Bruederle said German economy was expected to rise 3.4 percent in 2010 and 1.8 percent next year.

"The upswing is standing solidly on two legs. Besides important impulses from foreign trade, the domestic economy has also gained speed," Bruederle said.

The exports are expected to rise by 14 to 15 percent, while domestic demand will grow by 2.4 percent, he said.