Unemployment rose more strongly in July than in the regular season
"The weak economic development is putting a strain on the labor market," explained Daniel Terzenbach, head of regions at the Federal Employment Agency (BA). The number of unemployed people was 192,000 higher this month than in July of the previous year. The unemployment rate rose by 0.2 percentage points to 6.0 percent compared to June.
The demand for workers in companies continued to decrease. In July, there were 703,000 job vacancies reported to the BA, 69,000 fewer than a year ago. The agency's job index, an indicator of demand for personnel, fell by two points to a value of 107 points. Compared to the same month last year, this was a decrease of 12 points.
For employment subject to social security contributions, the figures for May were available. They increased by 5,000 compared to April, seasonally adjusted. Compared to the previous year, it increased by 179,000 to 24.91 million employed. This increase was again solely due to foreign nationals, as explained by the BA.
The strain on the labor market due to weak economic development has implications for both employment and social security. Consequently, the number of individuals with employment subject to social security contributions has risen, with a 179,000 increase from the previous year.
