Greater job opportunities at German service companies
In the beginning of this year, service providers in Germany provided more employment opportunities. According to unofficial estimates from the Federal Statistical Office, about 45.8 million people were employed in the first quarter. After accounting for seasonal changes, the number of jobs increased by 38,000 or 0.1% compared to the previous quarter. However, there was a slowdown in the summer and fall of 2023. "This means that the job market saw a slightly positive start in 2024."
Without adjusting for seasonal fluctuations, the unemployment rate typically rises in the first quarter. But the decrease of 404,000 workers compared to the last three months of 2023 was more significant than the typical fluctuations recorded in 2022 and 2023 (-283,000). The services sector led the growth in new jobs, adding 158,000 people or 0.5%. The largest gains were in public services, education, and health care sectors, with over 160,000 more people.
After services, the next largest number of new jobs were created in other non-standard services such as associations and interest groups, adding 16,000 people. The financial and insurance sector, along with the information and communication industry, each saw employment growth of 5,000 people.
The number of people hired in the trade, transport, and hospitality sector increased by just 3,000. Business consultants and temporary help agencies, which are under the category of business service providers, experienced their first decline in employment since the first quarter of 2021, dropping by 28,000 workers. The number of people employed in the manufacturing industry (excluding construction) declined for the first time since the end of 2021, with a loss of 16,000. In construction, the continuous uptrend observed since the end of 2015 came to a halt, leading to a decrease of 20,000 jobs in the first quarter of 2024. In the agricultural, forestry, and fishing sector, the number of people in employment rose by 7,000.
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Despite the decrease in employment in the construction industry, there's a need for more service providers to cater to the growing number of people employed in the services sector. The slowdown in employment growth in the summer and fall of 2023 did not significantly affect the service providers, who continued to offer opportunities for employment. The continuous decrease in employment in business consultants and temporary help agencies could potentially lead to a need for more service providers in these fields to meet the demand.
Source: www.ntv.de
