Despite the current economic tensions, Germany’s unemployment rate has remained steady at 5.5% since August 2022, according to the German Employment Agency. This is the same level as it was at the start of 2022 and is a result of the influx of Ukrainian refugees who have entered the labour market due to the war.
The President of the Employment Agency, Andrea Nahles, summarised the situation, saying that “the job market remains stable, despite a tense economic situation”. This is despite the rise in energy costs, which has impacted the German industry, as a result of the conflict in Ukraine and the effect of inflation.
Overall, the German job market appears to be holding firm in the face of economic uncertainty.
