February 8, 2024
Employment in Germany returned to its positive trend in the fourth quarter of 2023, according to the Federal Statistical Office (Destatis). After experiencing seasonally adjusted declines in August and September, the number of employed persons rose in October (by 13,000), November (by 24,000) and slightly in December (by 23,000 or 0.1%), which brought the region’s employment to approximately 46 million persons in December 2023.
Without seasonal adjustment, the number of persons employed in December 2023 was 0.3% or 120,000 lower than November 2023, a trend that was more pronounced than in December 2022. However, the year-on-year increase in employment was 0.4% or 203,000 compared to December 2022 and the long-term upward trend on the labour market continued at a slower pace.
In the fourth quarter of 2023, the number of persons employed in Germany increased by 0.1% after seasonal adjustment, with an average of approximately 46.2 million people employed in Germany. The adjusted unemployment rate was 3.1% in December 2023, with 1.30 million people unemployed, an increase of 1.0% or 13,000 compared to December 2022. The unemployment rate remained unchanged at 3.1% relative to the prior month and the seasonally adjusted number of unemployed people stood at 1.37 million in December 2023, 5,000 more than reported in the prior month.
In summary, the labor market experienced a slower upward trend in December 2023 compared to the previous year, with a slight increase in employment figures in the fourth quarter. The adjusted unemployment rate remained unchanged at 3.1%.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.