Macmillan Jones Reports German Job Vacancies Reach All Time High
March 09, 2018 (PRLEAP.COM) Business NewsMacmillan Jones economists say job vacancies in Germany reached a record high in the final quarter of last year, emphasizing the power of a job market that is fueling salary growth and boosting a consumer led boom in Europe's largest economy.
According to a survey by the IAB labor office research institute, vacancies increased by 85,000 on a quarterly basis and by 128,000 on an annual basis and stood at 1.18 million in the final three months of last year.
Macmillan Jones analysts say that demand for new employees increased the most in the manufacturing and construction sectors.
Companies in the manufacturing sector reported 161,000 vacancies, a 35 percent increase from the year before and vacancies in the construction sector rose by 24 percent.
An index gauging the ratio between employment vacancies and unemployment fell to an all-time low of 2.0.
A Macmillan Jones economist stated that the data revealed better job market conditions for job seekers but also pointed to greater challenges for employers recruiting new employees.
When questioned about the main problems involved in recruiting, employers blamed a shortage of applicants and a lack of sufficient qualifications.
Unemployment figures declined more than anticipated last month while employment reached an all-time high in January this year.
German companies are becoming increasingly concerned by a shortage of skilled persons of working age caused by a significant upswing in the German economy.
German employers are offering big incentives such as higher than inflation pay rises, more lenient working hours and nurseries in the workplace.