Mixed predictions on German unemployment for 2024

The Nuremberg labor market researcher Enzo Weber poses for a photo. IAB/dpa
The Nuremberg labor market researcher Enzo Weber poses for a photo. IAB/dpa

The employment outlook in Germany continues to improve, the Institute for Labour Market and Professional Research (IAB) reported from Nuremberg on Friday.

"The government employment agencies are anticipating a stable upward trend in employment rates, despite a difficult economic situation," IAB researcher Enzo Weber said.

"There is still a good way to go before a decline in unemployment, but the outlook is improving," he said. The IAB's European Labour Market Barometer recorded its third consecutive increase in April, rising by 0.2 points.

It stood at 100.5 points and was consolidating in positive terrain, the IAB said. The forward-looking early indicator came in at 100.7 points. The figures are based on data from the Federal Employment Agency (BA). A reading of 100 points serves as a neutral baseline.

By contrast, the German Economic Institute (IW), which is seen as representing employer interests, in a recent study predicted a rise in unemployment over the course of the year.

Based on BA figures, the IW predicted an average of 2.8 million unemployed, or a rate of 6%, the highest level since 2015.

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