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German Unemployment Rises More Than Expected, Jobless Rate Increases for the First Time in 3 Years

German unemployment rose twice as much as economists forecast in October and the jobless rate increased for the first time in three years as the sovereign debt crisis damped economic growth and investment.

The number of people out of work climbed a seasonally adjusted 20,000 from September to 2.94 million, the Federal Labor Agency in Nuremberg said today. Economists forecast a gain of 10,000, the median of 31 estimates in a Bloomberg News survey shows. The adjusted jobless rate rose from a two-decade low of 6.8 percent in August to a revised 6.9 percent in September and held there in October, the agency said.”

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