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German unemployment sinks to 16-year low

German unemployment sank to its lowest level in nearly 16 years on Tuesday, according to June figures from the Federal Labour Agency.

Published: 1 July 2008 14:39 CEST

German unemployment sinks to 16-year low

Photo: DPA

The number of people out of work in Europe’s largest economy dropped by 123,000 to 3.16 million in the month – the lowest figure since December 1992. The Labour Agency in Nuremberg said the unemployment rate dropped from 7.8 percent to 7.5 percent, down considerably from 8.8 percent a year ago.

Germany’s economy has continued to add jobs this year despite a global slowdown. The head of the Labour Agency, Frank-Jürgen Weise, said the buoyant labour market had been helped by the economic upswing this spring and that 1.4 million new jobs had been created since the 2006.

“Unemployment is falling and employment continues to grow. Demand by companies for workers remains strong,” he said in a statement.

Weise said should conditions remain favourable, Germany could see unemployment drop below three million this autumn for the first time since November 1992. “There’s a fifty-fifty chance,” he said.

The seasonally adjusted unemployment figure, which is followed more closely by economists, fell by 38,000 in June to 3.266 million, exceeding the forecast of 10,000 by analysts polled by Dow Jones Newswires.

But many economists think German unemployment could soon begin to rise again. “The best times for the German labour market are definitely over,” said Commerzbank economist Eckart Tuchtfeld. “Monetary policy is slightly restrictive and is set to become even more so, the global economy is losing momentum, the euro is strong and the price of oil is high.”

“While the monthly unemployment figures should continue to fall up to the end of the year, the decrease will no doubt become smaller and smaller,” he predicted.

dpa/afp

Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions.

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds.

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local.

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with.

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