For the time being, the atmosphere of crisis is not putting any further pressure on the German labor market. In November, the labor market barometer from the Nuremberg Institute for Labor Market and Vocational Research (IAB) rose again slightly after having fallen six months in a row. After an increase of 0.3 points compared to the previous month, it is at 100.5 points and thus still slightly above the neutral mark of 100 points, as the IAB announced.
The barometer is a leading indicator. All German employment agencies are asked about their expectations for the next three months. Accordingly, the component for forecasting unemployment in November increases by 0.3 points to 97.7 points, but still points to increasing unemployment. The labor requirement, which is measured by the employment component of the barometer, deteriorated by 0.2 points to 103.3 points. According to the IAB, this nevertheless points to rising employment.
“Despite the pressure of the energy crisis, the outlook for the German labor market is slightly positive,” said Enzo Weber, head of the IAB research department for forecasts and macroeconomic analyses, summarizing the results. “A stable labor market helps to avoid a serious recession.”
