German industry creates jobs - but gloomy prospects due to recession


Industry

The number of employees in manufacturing companies with at least 50 employees rose by almost 4,600 from June to July.

(Photo: imago images/imagebroker)

Berlin Despite the difficult economic situation and the consequences of the Ukraine war, German industry has recently hired staff. The number of employees in manufacturing companies with at least 50 employees rose by almost 4,600 or 0.1 percent from June to July, as the Federal Statistical Office announced on Thursday.

At the end of July, 5.5 million people were employed, 42,200 or 0.8 percent more than a year ago. "This means that the number of employees has increased for the seventh time in a row compared to the respective month of the previous year."

The job creation over the year was clearly above average at manufacturers of data processing devices, electronic and optical products (+3.9 percent) and at producers of electrical equipment (+3.8 percent). The increases in metal production and processing (+1.3 percent) as well as in manufacturers of food and animal feed (+0.9 percent) were somewhat lower.

In the manufacture of motor vehicles and motor vehicle parts, on the other hand, the number of employees fell by 1.6 percent. The Munich Ifo Institute recently stated in a survey that the mood in the executive floors of the German auto industry had deteriorated noticeably in August.

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According to a study by the industry association BDI the skyrocketing energy and raw material costs are becoming a question of survival for more and more medium-sized companies. "We anticipate that Germany into a massive recession,” said the President of the Federation of German Industries (BDI), Siegfried Russwurm, earlier this week. Because of the energy crisis, most economists also expect the economy to shrink in the coming winter months.

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