Reuters reports that according to the report from the Federal Employment Agency, Unemployment in Germany fell much more than expected in October, as the labour market in Europe's largest economy continued its recovery from the first wave of the coronavirus pandemic.

The number of people out of work fell by 35,000 in seasonally adjusted terms to 2.863 million. Economists had expected a smaller decline of 5,000.

The unemployment rate decreased to 6.2% in October from 6.3% in the previous month.

The number of people on short-time work schemes, which have shielded the labour market from the brunt of the pandemic, dropped sharply to 2.58 million in August.