The Federal Employment Agency (Bndesagentur für Arbeit) announced on Tuesday that the seasonally adjusted number of unemployed people in Germany dropped by 53,000 in August, following a revised decline of 90,000 in the previous month (originally a fall of 91,000). Economists had expected a decrease of 40,000.

Meanwhile, Germany's unemployment rate edged down to 5.5 percent from a revised 5.6 percent in July (originally, a 5.7 percent). Economists had forecast the reading to come in at 5.6 percent.