Germany Records Highest Number of Employed Persons Last Year... Cold Wind Expected in the New Year

Olaf Scholz, Chancellor of Germany, Yonhap News

Germany's average number of employed persons last year reached the highest level since the reunification of East and West Germany in 1990.

The Federal Statistical Office of Germany announced on the 2nd (local time) that the average number of employed persons last year was 46.1 million.

Although employment has decreased due to the retirement of the baby boomer generation, the statistical office explained that this was offset by an increase in foreign labor immigration and domestic employment.

By sector, employment in the service industry, centered on public and healthcare, increased by 0.4%.

On the other hand, all other sectors such as manufacturing (-0.6%), construction (-1.1%), and agriculture and fisheries (-0.5%) declined.

This year, the German business community expects the employment market to be unfavorable as the economic recession prolongs.

According to a survey conducted by the Institute of the German Economy (IW) targeting employer associations by industry, 25 associations including steel, machinery, and construction responded that they plan to reduce jobs this year. Only seven associations said they would increase employment.

The institute stated, "Uncertain international conditions are hindering exports, and domestic political turmoil is impeding investment. Most industrial sectors are not doing well, and there is little hope for 2025. The poor atmosphere will affect the employment market above all."