German labor market finished its best year in quarter century

The labor market in Germany finished its best year in quarter century. The average number of unemployed in the country has fallen for the first time since 1991 below the 2.7 million. In 2016, the unemployed people were 2.691 million Germans, which is 0.104 million less than an year ago. In addition, the federal agency ended the year with a surplus of 5.4 billion EUR

At the end of the year, the labor market in Germany has developed better than usual. In December the number of registered unemployed people rose by 36,000 to 2.568 million people, while the unemployment rate reached 5.1%. If, however, does not take into account seasonal fluctuations, the number of unemployed fell by 17,000. The economists had expected a decline of only 5,000. Compared to December 2015 the unemployed customers are 113,000 less.

“The good development in unemployment continued at the end of the year”, says the director of the German Federal Agency for Employment, Frank-Jurgen Weise. “Continued employment growth weakened significantly since the summer, but the demand for new employees is still at very high levels”, added he.

Meanwhile, a new study of Valid Research commissioned by the consulting company EY reveals, that the majority of Germans do not believe that their workplace is threatened. More than 9 out of 10 Germans consider their workplace for sure. About 67% of respondents said that their workplace is “very safe”, while 26% rated their place as “safe”. Thus, over 93% are optimistic this criterion.

On Monday, became clear that the boom of the German labor market continues once in the past year, the number of workers in the country has reached a record 43.4 million people. The employees have increased from January to December with 425,000, or 1% on an annual basis, to the highest number of German unification.

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