According to the Institute for Employment Research (IAB), unemployment in Germany will climb somewhat in the next months.
"The coronavirus crisis is being prolonged by the Omicron variant. This is especially important in the case of long-term unemployment "Enzo Weber, the head of the IAB's predictions and macroeconomic analysis section, said as much. According to the Federal Employment Agency's research department, the IAB labour market barometer decreased by 2.4 points to 101.5 in December, the fourth consecutive monthly reduction and the largest drop since April 2020. (BA).
The barometer's two components both dropped significantly. For the first time in more than a year, the early indicator for the development of Germany's labour market slipped by 2.6 points, falling below the medium level of 100 points. The current employment indicator also fell in December, falling to 104.1 points.
"As a result, the employment trend is flattening off, although it remains encouraging," according to the IAB. Even if there is another lockdown, Weber believes the entire labour market will not collapse, citing the fact that many German firms are holding on to their workers.
According to BA, the number of jobless people fell by 382,000 in November compared to the same month last year, to 2.317 million. The unemployment rate declined 0.1 percentage points to 5.1 percent month over month.
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