Weak economic activity is slowing things down
Unemployment numbers are increasing compared to the previous year
February 29, 2024, 11:38 a.m
The number of unemployed people in Germany has increased by almost 200,000 compared to February last year. The head of the Federal Employment Agency, Andrea Nahles, blames the weak economic environment for this.
The number of unemployed people in Germany rose by around 8,000 to 2.814 million people in February compared to the previous month. Compared to February of the previous year, the number has increased by 194,000, said the Federal Employment Agency. The unemployment rate in February was 6.1 percent, unchanged from January. Compared to February 2023, the rate has increased by 0.4 points.
“The weak economic environment is dampening the overall robust labor market,” said the CEO of the Federal Agency (BA), Andrea Nahles. “Unemployment and underemployment increase in February and labor demand falls,” she said.
The number of reported vacancies fell by 72,000 to 706,000 in February compared to the previous year. For its February statistics, the Federal Agency used data that was available up to the 14th of the month.
The risk of short-time work increased again in February. From February 1st to 25th, companies announced short-time work for 58,000 people – which does not automatically mean that this will then be used. However, the number of advertisements represents a significant increase compared to January.
It was said that the situation on the training market had improved somewhat. So far, 4,000 more applicants have been registered for the 2023/24 reporting year than in the previous year. The number of company training positions fell by 11,000. However, there are still more training positions than applicants. The market is currently still very much in flux.