1/31/2008

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

Müller: “The labor market has made a good start to the new year”

MUNICH  “We have carried the upswing on the labor market over into the new year. This January, the seasonal increase in unemployment has proved to be less pronounced than in past years. The current unemployment rate of 5.3% is therefore lower than it has been since 1992. In employment policy terms, we are starting the year 2008 with a good tail wind behind us,” commented Bavaria’s Minister of Economic Affairs, Emilia Müller, referring to the latest labor market figures from Nuremberg. Altogether there were 91,300 fewer people out of work in Bavaria in January than one year ago. In January 2007, the unemployment rate was still at 6.7%.

Since the economy was remaining intact, the positive trend on the labor market would continue in the coming months. Employment had already reached a record level and would continue to rise. The number of jobless would drop back below the 5% mark, as soon as business activity picks up again in the spring. Müller was confident that all the regions in Bavaria would make further good progress.

According to the Minister, the same was also true of the training market, which had developed very well in 2007 as well. Müller: “Industry has more then fulfilled its commitments under the training pact. Bavarian companies are already now proactively tackling a shortage of skilled labor.”

Müller concluded by underlining: “We have the great opportunity to come even closer to full employment this year. It is important not to waste this opportunity. In the light of increasing economic risks, I call on all parties not to gamble away what we have achieved but to approach the upswing in a responsible manner.”

Source: Invest in Bavaria