The number of unemployed people in Germany is increasing. Poor forecasts for the coming months
The unemployment rate in Germany increased by 0.1 point in December. – according to data from the Federal Employment Agency. Experts forecast that unemployment in our western neighbors will increase in the coming months, and the downward trend will follow as economic recovery gains momentum.
The Federal Employment Agency reported that the unemployment rate in Germany increased by 0.1 point in December. up to 5.7 percent
Unemployment in Germany is rising
Data quoted by “Rzeczpospolita” show that the number of unemployed people in Germany increased last month by 31,000 to 2.637 million people compared to November last year, mainly due to seasonal factors. Compared to the end of 2022, the number of unemployed people increased by 183 thousand – With the start of the winter break in December, unemployment and underemployment increased as usual this month – Andrea Nahles, Director General of the Federal Employment Agency.
In December last year, the Federal Employment Agency recorded 713,000. vacancies, by 68 thousand less than in 2022.
The demand for employees from our western neighbors has been falling since the end of 2022. The head of the Federal Employment Agency points out that last year, 2023, was one of the years when the lowest unemployment rate was recorded since German reunification. However, the weakened economy also left its mark on the labor market. Last year, an average of 2,609 people were unemployed, 191,000 more than more than the average in the previous year.
Not a very good prognosis
HSBC analysts forecast that the unemployment rate in Germany will rise to 6.1% in the second quarter of this year and then “will begin a gradual downward trend as economic recovery gains momentum.”
The German economy has been facing a serious slowdown for over a year. In the third quarter of 2023, the GDP growth rate was -0.1%. GDP, while in the second quarter it was +0.1%. HSBC analysts predict that a positive quarterly economic growth rate of 0% will appear only in the third quarter of this year. both in the first and second quarter of 2024.
