Eurostat released its unemployment data for the Eurozone on Tuesday. Eurozone's unemployment rate declined to 10.7% in October from 10.8% in September. It was the lowest reading since January 2012.

Analysts had expected the unemployment rate to remain unchanged at 10.8%.

There were 17.240 million unemployed in the Eurozone in October, down by 13.000 from September.

The lowest unemployment rate in the Eurozone in October was recorded in Germany (4.5%) and Malta (5.1%), and the highest in Greece (24.6% in August 2015) and Spain (21.6%).

The youth unemployment rate was 22.3% in the Eurozone in October, compared to 23.3% in October a year ago.