Consumption mood
Consumer reserved: Fear of job loss grows
The economic flaut dampens the lust for many people. However, there are first signs of a turnaround in the labor market.
According to a survey, the concern for your own workplaces is pressing the mood for many people in Germany. Accordingly, many consumers do not expect the German economy to recover so quickly. Early indicators, however, indicate a turnaround in the labor market.
In August, the consumer mood in Germany decreased again and thus for the third time in a row, as can be seen from the current survey of the consumer climate of the market research institute GfK and the Nuremberg Institute for Market Corrections (NIM). The main reason for this are the strongly sunken income expectations given the increasing unemployment.
Saving for bad times
“An increasing fear of loss of job ensures that many consumers remain careful with larger purchases,” said Nim expert Rolf Bürkl. This also contributes to energy, among other things, the concern for increasing prices. According to the survey, the economic expectations of consumers also cloud themselves. These slide to the lowest value for half a year.
According to the Munich IFO Institute, the economic doldrum continues to overshadow the job market. The companies in Germany are therefore increasingly setting up jobs. In August, the IFO employee barometer slightly dropped from 94 points to 93.8 points. “The stagnating economy has the companies carefully act in personnel planning,” said IFO expert Klaus Wohlrabe.
Has the increase in unemployment stopped?
The Institute for Labor Market and Vocational Research (IAB), on the other hand, sees the first bright spots on the job market. His monthly labor market barometer created again in August and was in the positive area for the first time in a long time with 100.7 points.
“For the first time in over three years, the employment agencies are expecting an end to the increase in unemployment,” explained IAB expert Enzo Weber. Employment could also take up some speed again. However, industry will remain under pressure.
The Federal Employment Agency will publish its statistics for August on Friday. Experts assume that the number of unemployed will exceed the limit of three million for the first time in ten years. In July, 2.979 million people in Germany were registered as unemployed, more than in the previous month.
Consumer climate labor market barometer ifo employment barometer
dpa
Source: Stern
