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German jobless rate steady at 7%

Smaller than expected dropl in number of Germans seeking work
Smaller than expected dropl in number of Germans seeking work

Official figures show that German unemployment was unchanged in August at 7% of the workforce, according to seasonally adjusted figures.

The federal labour office said the number of people seeking work had decreased by 8,000 this month. Economists had expected a slightly bigger decline of 10,000.

Separate figures from Germany's statistics office showed that retail sales slipped by 0.2% in July from the previous month. Seasonally adjusted sales were flat on the month, the Destatis office said.

On a 12-month basis, nominal retail sales fell by 0.4% in July, and were 1.6% lower on an adjusted basis.

Last week, the GfK research institute said its latest survey had found that German consumer sentiment has been hit by the euro zone and US debt crises and fears of a new recession, falling to its lowest level since late last year.