Germany's unemployment rate fell marginally to 6.2% in May, with a reduction of 12,000 unemployed individuals to 2.919 million. However, this represents a rise of 197,000 compared to a year earlier. Officials warn of continued job risks, particularly in industry, due to sluggish economic performance. BA head Andrea Nahles anticipates further rising unemployment throughout the summer. Labour Minister Bärbel Bas emphasized the need for urgent economic policy stimuli, while analysts point out the ongoing hesitation of companies to hire amid stagnation, although future government investments could provide economic relief.
The labour market is not getting the tailwind it needs to reverse the trend. Therefore, we expect unemployment figures to continue to rise during the summer.
The tense economic situation is particularly evident in industry. Jobs are currently at risk in many companies.
The labour market continues to suffer from the German economy's sales and cost problems, which have led companies to hesitate in hiring new staff.
There is the prospect that the investment packages announced by the government will trigger a noticeable economic stimulus in the coming years.
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