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Recession Hits Industrial Workers Hard In Germany
The export slump in the corona pandemic is causing problems for the manufacturing industry. Employment is falling to the same extent as in 2010, when the financial crisis was still having an impact. The consequences are considerable, especially in Germany's flagship industries.
Yazar: Tom Roberts
Yayınlanma: 15 Eylül 2020 22:59
Güncellenme: 20 Aralık 2024 03:06
Recession Hits Industrial Workers Hard In Germany
Due to the Corona crisis, the number of employees in German industry has fallen more sharply than it has been in over ten years. At the end of July, a good 5.5 million people were employed in manufacturing companies. That was 164,000 or 2.9 percent less than a year earlier, as the Federal Statistical Office announced. "This is the highest percentage decrease in the number of employees compared to the same month last year since May 2010," it said. At that time, the industry suffered from the aftermath of the financial crisis.The export-dependent companies are troubled by the global decline in demand due to the Corona recession. The number of employees therefore decreased in almost all sectors. It fell the most in metal production and processing at 5.6 percent. The flagship automotive and mechanical engineering industries reported declines of 4.1 and 3.8 percent, respectively. In contrast, the manufacturers of chemical products had 1.9 percent more employees. Short-time workers are counted as employees.
The consequences of the Corona crisis are also noticeable in the hours worked. These fell in July - with the same number of working days - by 8.5 percent compared to the same period of the previous year to 671 million hours. The wages for employees in the manufacturing sector fell by 8.6 percent to around 23.8 billion euros.
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