German Employment Continues Slight Rise in November 2023

  • In November 2023, approximately 46.1 million people residing in Germany were employed.
  • According to preliminary calculations by the Federal Statistical Office (Destatis), the seasonally adjusted number of employed individuals increased slightly by 19,000 (0.0%) compared to the previous month.
  • The non-seasonally adjusted figure saw a month-on-month growth of 38,000 (0.1%), reaching a new record high in November 2023.
  • In year-on-year comparison, the employment rate rose by 0.4% (206,000 persons) in November 2023, reflecting a slower upward trend compared to earlier in the year.
  • The adjusted unemployment rate in November 2023 stood at 3.1%, with 1.35 million people classified as unemployed, showing a 2.1% increase compared to November 2022.

Detailed Analysis:

In November 2023, Germany recorded a continued increase in employment, with approximately 46.1 million individuals holding jobs. The seasonally adjusted data showed a marginal rise of 19,000 individuals (0.0%) compared to the previous month, where October 2023 exhibited a similar increase after three consecutive months of decline. However, the overall level of employment, when seasonally adjusted, experienced a slight decrease of 2,000 persons since June 2023.

On a non-seasonally adjusted basis, the number of employed individuals grew by 38,000 (0.1%) from October 2023 to November 2023. Although this increase was slightly weaker than that observed in November 2022 (+41,000 persons), it marked a new peak following the crossing of the 46-million threshold in October 2023.

In the year-on-year comparison, the upward trend in employment slowed down, registering a 0.4% increase (206,000 persons) in November 2023. This represented a decrease from the +1.0% rate observed at the beginning of the year, indicating a sustained but moderating momentum in the labor market.

Adjusted Unemployment Rates:

According to the results of the Labor Force Survey, there were 1.35 million unemployed individuals in November 2023, reflecting a year-on-year increase of 27,000 persons (2.1%). The unemployment rate remained stable at 3.0% compared to the same period in the previous year.

After seasonal and irregular adjustments, the number of unemployed individuals in November 2023 reached 1.36 million, an increase of 5,000 persons from October. The adjusted unemployment rate remained unchanged at 3.1% compared to the previous month.