Current financial status - Reduction in demand for metal and electrical products in Bavaria.
Last quarter, productivity grew by 1.6% compared to the same period a year ago. However, it was 2.6% lower than the previous quarter. According to Brossardt, this decline is due to the "complicated economic and financial decisions at the top level, high energy charges, geopolitical tension, and the ongoing weakening of the global economy."
The fragile economy is a concern for the job market. Although the number of workers in the metal and electrical sector in Bavaria has risen by 1% to 873,000 since the beginning of 2023, setting a new record, many businesses have plans to reduce their workforce. About 15% of these businesses want to put employees on short-time work and 19% want to expand their use of short-time work.
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Source: www.stern.de
