2/29/2008

Bavaria’s Economics Minister Müller reports on the labor market figures for February 2008

Müller: “Bavaria’s labor market in top form again”

MUNICH  “Bavaria’s labor market is once again showing itself in top form. Employment is still on the increase. The number of people out of work has fallen to its lowest February level since 1992. We are continuing to stride towards our goal of full employment,” Bavaria’s Minister of Economic Affairs, Emilia Müller, said with satisfaction, referring to the latest labor market statistics from Nuremberg. They show that from January to February the number of unemployed dropped by 12,100 to 336,000. The unemployment rate has fallen to 5.1 percent. At the end of 2007, the number of jobs subject to social security payments exceeded the current highest level for December of 2001 by 26,000.

Demand for manpower in Bavaria was on the whole still robust, the Minister continued. Müller: “This trend is not in any way affected by the current plans of some major companies to reduce staff. According to ifo Konjunkturtest and surveys conducted by the Chambers of Commerce and Industry, the Bavarian business community intends to increase its personnel levels again in the next few months.” Müller also linked the consistently positive perspectives in the Bavarian labor market with the hope that consumer behavior would pick up in the coming months and so compensate for the increase in foreign trade risks.

Source: Invest in Bavaria