The rising prices and the energy crisis have so far only had a minor impact on the labor market. In September, the number of unemployed fell by 62,000 compared to the previous month. However, more companies asked about short-time work.
The number of unemployed in Germany fell by 62,000 to 2.486 million in September compared to the previous month. The Federal Employment Agency (BA) in Nuremberg also announced that the unemployment rate fell by 0.2 percentage points to 5.4 percent. Compared to September of the previous year, however, the number of unemployed rose slightly by 21,000.
According to the BA, the so-called underemployment, which in addition to unemployment also takes into account people in support measures and those on sick leave, rose to 3,251,000 and was therefore a seasonally adjusted 26,000 higher than in the previous month and 51,000 higher than in September 2021.
labor market stable
“Despite rising prices and concerns about energy shortages, the job market remains stable overall,” said Andrea Nahles, Chairwoman of the BA Board of Management, when presenting the figures. “Unemployment and underemployment fell at the beginning of the autumn recovery. However, the demand for labor is falling slightly at a very high level.”
Seasonally adjusted, the number of unemployed rose by 14,000 on the September 12 survey date. “The increases are also related to the recording of unemployed Ukrainian refugees. Without people with Ukrainian citizenship, the development would have been much better,” the BA said. Experts had expected stable development despite the economic downturn and point to the high demand for labor in Germany.
Researcher: Interest in short-time work
The leading German research institutes expect that companies will try to keep their employees despite the expected recession. However, according to the BA, more companies have recently asked about the framework conditions for short-time work.
In addition, fewer vacancies are being reported: the previously high demand for workers fell significantly in September. The labor market barometer of the Nuremberg Institute for Labor Market and Occupational Research fell to its lowest level since 2020 in September.