As a result of the weak economy, the usual seasonal decline in unemployment was very small in October. The Federal Employment Agency only registered around 20,000 fewer unemployed than in September.
According to official statistics, 2.607 million people in Germany were unemployed in October. According to the Federal Employment Agency, the number of unemployed fell by 20,000 compared to September. The seasonal decline was therefore comparatively small. In October 2022, the agency recorded 165,000 fewer unemployed people – the decline compared to the previous month was 43,000 people. The unemployment rate remained at 5.7 percent in October 2023 – as in September – 0.4 percentage points higher than in October last year.
“The German economy has been more or less standing still for a good year now,” said the Federal Agency’s CEO, Andrea Nahles. “After such a long time, this is not without visible consequences for the labor market. However, given the economic data, it is holding up comparatively well,” added the former Federal Labor Minister.
Training companies and applicants are heavier to bring together
The demand for workers remains high. In October, 749,000 job vacancies were registered with the Federal Agency, 98,000 fewer than a year ago. With a view to the apprenticeship market, Nahles called for more willingness to compromise, both among young people on the applicant side and among the training companies. It has become more difficult to bring applicants and companies together.