The economy in Germany is now also measurably weak on the labor market. According to the Federal Employment Agency, there are more unemployed than in the previous year – 284,000.
Weak economy in Germany is now reflected
“The number of unemployed in Germany rose by 284,000 in May 2023 compared to the same month last year. This was announced by the Federal Employment Agency on Wednesday.
Compared to the previous month, the number fell by 42,000 to 2.544 million job seekers, but the decline was weaker than is usual in the spring recovery in May. The unemployment rate fell by 0.2 percentage points to 5.5 percent compared to April. “Despite the weak economy, the job market is stable overall,” said BA board member Daniel Terzenbach in Nuremberg. “Job growth continues, but is losing momentum.”
Underemployment, which also takes into account changes in labor market policies and short-term disability, stood at 3.419 million people in May. That was 405,000 more than a year ago. Without taking Ukrainian refugees into account, underemployment would have been 56,000 more than the previous year, according to the BA. Seasonally adjusted, it rose by 25,000 from the previous month. The demand for new staff meanwhile decreased: A total of 767,000 jobs were registered with the employment agency in the fifth month of the year, 98,000 fewer than a year ago.
764,000 people in Germany received unemployment benefits in May 2023, 66,000 more than a year ago. The number of employable beneficiaries of basic security for jobseekers (SGB II) was 3.919 million. Compared to the same month last year, this was an increase of 403,000 people. 7.2 percent of people of working age living in Germany were in need of help.”
Report with material from the dts news agency
Photo: Federal Employment Agency, via dts news agency