Stable labor market despite weak economy

Unemployment - Stable labor market despite weak economy

The number of unemployed in Saxony-Anhalt remained relatively stable in June. The unemployment rate, according to the Regional Directorate of the Labor Agency, was 7.4 percent and unchanged compared to the same month last year. There were hardly any changes compared to the previous month of May, when the unemployment rate was 7.5 percent.

The chief of the Regional Directorate, Markus Behrens, drew a mixed balance for the first half of 2024: The weak economy had, on the one hand, reduced the demand for labor, and the number of new job openings had decreased. "The chances of ending unemployment were unfavorable." On the other hand, the number of people who left unemployment to take up employment remained stable. "We had almost 800,000 socially insured employees in the country."

Typical for the season was the slight increase in the number of unemployed young people. They exceeded the time after the end of school or training. The vacation began, and employers often did not hire again until afterwards, Behrens said. The number of jobseekers receiving basic security benefits, according to the Labor Agency, had decreased compared to the previous year. Thus, 127,400 people received basic security, 1,500 fewer than the previous year. Around eleven percent of this number, or 14,100 people, came from Ukraine. The Labor Agency recorded an increase of 300 people in comparison to the previous year.

There were 5,300 unoccupied of the 10,700 training places in June. In total, the number of reported training places had decreased slightly. The Regional Directorate used data material up to June 13 for the statistics.

1. Despite the relatively stable unemployment rate in Saxony-Anhalt, the Federal Employment Agency acknowledged the challenging economic situation, as the demand for labor decreased due to the weak economy.
2. The labor market in Saxony-Anhalt showed some positivity, with the number of people leaving unemployment to take up employment remaining stable throughout the first half of 2024, despite the challenging economic conditions.
3. The unemployment rate in the federal state of Saxony-Anhalt remains a concern, with over 127,000 individuals receiving basic security benefits, and a significant portion of them being job seekers from Ukraine.

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