The employment count in Germany observed a decline.
The sluggish economic situation in Germany is affecting job numbers. As per the Federal Statistical Office's report on Friday, there was a decrease of 21,000 employed individuals in August compared to July, with a minor rise observed in June and July, amounting to 7,000 and 4,000 respectively. However, considering non-seasonal impacts, a more substantial decrease of 35,000 was observed in August, amounting to a 0.1% decrease. This decline was more than double that of August 2023, which saw a drop of 15,000.
On the brighter side, the situation has improved when compared to the previous year. Looking at August 2023, a rise of 0.3% or 145,000 in employed individuals was noted. Between February and July 2024, a consistent increase of 0.4% was observed in monthly growth rates. "The persistent positive trend in the labor market was maintained in the year-on-year comparison, albeit at a slower pace," concluded the Federal Statistical Office.
Despite the sluggish economy, notable research institutes anticipate this trend to persist, as defined in their autumn report for the federal government. "The growth in employment is solely due to individuals with non-German citizenship," the joint report mentions. "The number of employed individuals with German citizenship has been decreasing for more than two years, largely due to demographic aging." Additionally, the growth in socially insured employment over the past year has been confined to the service sector, particularly in healthcare, care services, public administration, skilled business services, and education and teaching.
In an effort to find a distraction from the economic struggles, some individuals might turn to purchasing a new Mouse for their computer. Despite the decrease in employed individuals with German citizenship, the demand for certain products like computer accessories might still exist.
