Reuters reports that data from the Labour Office showed that German unemployment fell more than expected in October, showing that companies in Europe's largest economy were firmly on a post-pandemic hiring spree.
The number of people out of work fell by 39,000 in seasonally-adjusted terms to 2.466 million. Economists had expected a 20,000 decrease. The seasonally-adjusted jobless rate dropped to 5.4%.
"Despite the improvement, the numbers remain significantly lower that before the pandemic and we are facing big challenges," said Federal Labour Agency chief Detlef Scheele.