Occupation German Industry Achieves Job Record

Driven by the good economic situation, German industry hired a strong workforce. The largest increase in the number of employees was in the manufacturing of data processing equipment, electronic, and optical products.

In April, companies in the manufacturing sector with 50 or more employees employed almost 5.6 million people, according to the Federal Statistical Office in Wiesbaden. This is 146,000 more people or 2.7 percent more than in the same month last year and an employment record since the start of the time series in January 2005.

The largest increase in the number of employees was in the manufacturing of data processing equipment, electronic, and optical products, with an increase of 4.1 percent. Above-average employment was also recorded in mechanical engineering (plus 3.4 percent) and in the production of metal products (plus 3.3 percent). In contrast, the number of employees in metal production and processing grew at a below-average rate (plus 1.4 percent).

In the course of the international trade conflict with the USA, however, the German economy has recently lost momentum. The Bundesbank lowered its growth forecast on Friday. Adjusted for the effect of calendar days, gross domestic product will increase by 2.0 percent in 2018, slightly less than predicted in its last half-yearly forecast in December (plus 2.5 percent). However, economists believe that the boom is continuing.