Germany’s labor market suffers, with unemployment hitting 2.9 million—highest since 2016.

⚠️VOLKSWAGEN PLANS TO CLOSE AT LEAST 3 GERMAN FACTORIES AND CUT THOUSANDS OF JOBS⚠️

The largest EU carmaker also plans to lay off TENS OF THOUSANDS of people out of its 300,000 workforce and slash pay by 10%.

Brace for more rise in German unemployment👇t.co/6u5jTlo3xn

— Global Markets Investor (@GlobalMktObserv) November 15, 2024

Unemployment Rate in Germany

• Current Unemployment: As of September 2024, Germany’s unemployment rate rose to 3.3%, with approximately 1.47 million people unemployed.
• Increase in Unemployment: This represents an increase of 153,000 people, or 11.6%, compared to September 2023.
• Historical Context: The last time Germany’s unemployment rate was this high was in 2016, when it reached 4.12%.

Sources

• German Federal Statistical Office (Destatis)
• Macrotrends