Sunday, June 7, 2020

Unemployment increases compared to the previous year

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DUnemployment in Germany fell again just before the outbreak of the Corona crisis in Germany. In March, according to the Federal Employment Agency, 2,335 million people were unemployed nationwide on Tuesday, 60,000 fewer than in February, but 34,000 more than in March 2019. The unemployment rate fell in March by 0.2 percentage points to 5.1 percent. The regional differences in Germany are still large. In Bremen, the Federal Agency gave the unemployment rate at 10.0 percent, in Bavaria at 3.1 percent.

Adjusted for seasonal effects, the Nuremberg statisticians calculated a slight increase of 1,000 unemployed in March. The rather unfavorable development on the labor market before the Corona crisis is also evident from a look at the demand for labor. 691,000 vacancies were registered with the Federal Agency in March, 106,000 fewer than a year ago.

The Corona crisis, with its far-reaching consequences for the economy and the labor market, has not yet been reflected in the March figures because the data were only collected up to the March 12 reporting date. The chief executive of the Federal Agency, Detlef Scheele, wants to take a position in Berlin in the afternoon together with Federal Labor Minister Hubertus Heil (SPD). It will also address the question of how much the number of short-time workers has risen recently.

The Federal Agency, like all other experts, expects the economic figures to plummet. The labor market barometer launched by the Institute for Labor Market and Vocational Research (IAB) in Nuremberg had fallen more strongly in March than ever before. The leading indicator for the German labor market had lost 1.5 points in March to 100.4 points in March. This was the biggest drop in a month since the barometer was introduced in 2011.

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