The largest economy in Europe shows signs of staying on solid feet, Bloomberg reports. Unemployment in Germany fell to the record low level despite of decline in business confidence and economic activity in the region.

Unemployment rate fell to 5% in November from 5,1%. Number of people without job decreased by 16000 instead of 10000 people in Bloomberg survey. This data confirms Bundesbank’s view that economy is recovering after summer’s contraction. GDP will also gather pace after problems with autoproducers and exporters. Private consumption will support this growth.

OECD thinks that global economy entered into the last quarter of this year in very weak shape, and tax cuts along with spending growth will be needed to support it, as central banks do not have any economic stimulus left.

Sweden and Switzerland announced unexpected economic contraction in third quarter earlier.