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German unemployment falls much more than expected in October

Unemployment in Germany fell much more than expected in October, data showed on Thursday as the labour market in Europe’s largest economy continued its recovery from the first wave of the coronavirus pandemic.

The labour office said the number of people out of work fell by 35,000 in seasonally adjusted terms to 2.863 million. A Reuters poll had forecast a smaller decline of 5,000. The unemployment rate decreased to 6.2% in October from 6.3% in the previous month.

German Chancellor Angela Merkel

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. This compared to more than 4 million in the previous month and a peak of nearly 6 million reached in April at the height of the pandemic.

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Source: Reuters

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