Hamburg's labor market continues to be robust

For the time being, the Hamburg labor market is still unaffected by the looming economic dip in Germany. The war of aggression in Ukraine and the resulting consequences are affecting more and more companies and their employees. "We know from past crises that the labor market reacts with a time lag with falling overall employment, lower demand for labor and higher unemployment," said the head of the Hamburg employment agency, Sönke Fock, on Wednesday. "There is currently no sign of this in Hamburg." He appealed to companies "to keep their workers and skilled workers, because workers who have been tried and tested for many years are very difficult to replace".

Meanwhile, unemployment in Hamburg fell again in October. The number of unemployed in the Hanseatic city fell by 1.3 percent compared to September to 74,450. Compared to October 2021, the number of unemployed rose by 0.7 percent. The unemployment rate fell from 7.0 to 6.9 percent. A year ago it was 6.8 percent. The reason for the robust state of the labor market in Hamburg is the uninterrupted high demand for skilled workers, which is also reflected in the record number of jobs rising from month to month.

According to the latest available data, 1.048 million women and men were employed in Hamburg companies in August, 13,400 more than in the month before and even 28,100 more than a year ago. "Existing labor and skilled worker needs in recent months and years continue to lead to concrete vacancies and increasing employment in Hamburg," reported the Employment Agency. "It is also gratifying that all sectors have seen an increase in employment within a year." There are currently also 13,100 vacancies in the Hanseatic city, of which 12,600 are to be filled immediately.