Labor market - Hamburg: Unemployment still well above previous year's level
Unemployment in Hamburg is still much higher than a year ago. Although the number of jobseekers fell slightly by 0.1 percent in November compared to October Compared to November 2022, however, it was 11.7 percent higher, as the Hamburg employment agency announced on Thursday. In total, 82,723 Hamburg residents were without a job in November. As in the two previous months, the unemployment rate in November was 7.6 percent, compared to 6.9 percent a year ago. The unemployment statistics refer to data collected up to the 13th of the month under review.
According to the head of the employment agency, Sönke Fock, the outlook is not positive either: "In the fourth quarters of the past few years, there has definitely been a fall in unemployment in the fall and winter months, but this development will not occur this year." Fock attributes this to the ongoing consequences of the Russian war against Ukraine, the weak economy across Germany and private consumption, which remains restrained in the face of persistently high inflation.
The budget ruling by the Federal Constitutional Court has now added to the uncertainty among companies with regard to investments. Following the Karlsruhe ruling, there is a large gap in the federal government's finances. The court had declared the reallocation of coronavirus loans of 60 billion euros from the 2021 budget to the Climate and Transformation Fund null and void. Many programs for the climate-friendly transformation of the economy are financed from this special fund.
On a positive note, Fock noted that Hamburg's labor market is nevertheless "quite receptive". "In the current month of November alone, 5,100 unemployed people in Hamburg were able to start a job subject to social security contributions and end their unemployment," he said. In addition, employment in the Hanseatic city has once again reached a record level. According to the latest available data, almost 1.08 million women and men were in employment subject to social insurance contributions in September, 2.1 percent more than a year earlier. According to the employment agency, the number of registered vacancies remained at the annual average of 11,881.
Lesen Sie auch:
- Despite a slight decrease in the number of jobseekers in November compared to October, the unemployment rate in Hamburg remains significantly higher than it was in the same month the previous year.
- The Federal Employment Agency in Hamburg reported that the unemployment rate in November 2023 was 7.6%, which is higher than the 6.9% rate recorded in November 2022.
- The ongoing consequences of the Russian war against Ukraine, the weak German economy, and high inflation have led to uncertainty among companies, which may affect the labor market in Hamburg and potentially contribute to higher unemployment rates.
Source: www.stern.de
