"Germany's industrial companies have cut around 124,100 jobs last year, showing an increasingly negative trend after 56,000 positions were lost the year before, according to an analysis by auditing firm EY. EY said employment in industry has fallen by about 266,200 jobs, or nearly 5%, since the pre-pandemic year of 2019, with the sharpest reductions recorded in the automotive sector."
"Weak revenue performance has driven job losses, the report said, with industrial turnover shrinking by 1.1% in nominal terms, after a steeper 3.5% decline the previous year. EY found the auto, paper and textile industries were among the weakest performers, each posting revenue declines of roughly 3%. Nearly 50,000 jobs were lost in the automotive industry alone last year, EY said, bringing the sector's job cuts since 2019 to around 111,000, a drop of 13%."
Industrial employment in Germany declined sharply, with about 124,100 jobs cut last year following a loss of 56,000 the prior year. Total industrial employment has fallen by roughly 266,200 jobs, nearly 5% since 2019, with the automotive sector experiencing the sharpest reductions. Industrial turnover shrank 1.1% in nominal terms last year after a 3.5% decline the year before. The auto, paper and textile industries posted revenue drops of around 3%. Nearly 50,000 automotive jobs were lost last year, a 13% sector decline since 2019. Chemical, pharmaceutical and electrical industries saw employment rises of 3% and 2% respectively.
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