Germany’s labour market is a source of “stability” amid the country’s economic gloom, according to the head of the Federal Employment Agency, with little likelihood of the jump in joblessness seen in previous downturns.
“Despite the current economic weakness we don’t expect a jump in unemployment — only a slight increase,” said Andrea Nahles, pointing to a tight job market with 1.7mn vacancies and a skills shortage that many companies cited as their biggest problem.
In an interview with the Financial Times, she acknowledged that a number of companies were reducing their workforce, particularly in a car industry that was facing intensifying competition from Chinese carmakers and was struggling with the shift to electric vehicles.
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