4/2/2008

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

MUNICH  “At the start of spring, the Bavarian labor market continues to show itself in excellent shape. Employment is still steadily rising. The reduction in unemployment figures has once again gained in momentum compared with the previous year. If the upswing can be maintained, we will have every chance of undercutting the 4 percent mark before the end of the year,” Bavaria’s Minister of Economic Affairs, Emilia Müller, said with satisfaction, referring to the latest labor market statistics from Nuremberg.

This pleasing development showed that the economic upswing in Bavaria was still intact. The order backlog in the companies ensures that production will remain at a high level in the months to come. The good revenue situation makes companies more resistant to cyclical risks. Müller commented: “Thanks to the robust economic situation, an increasing number of regions in Bavaria are heading towards full employment in the next few months.” Müller once again warned against jeopardizing the successes scored to date with a far-reaching minimum wage policy.

Altogether there were 96,900 fewer people out of work in March than one year ago. The unemployment rate fell to 4.8 percent. At the same time, the number of employees subject to social security payments up to January 2008 went up by 109,000. Over 232,000 additional jobs liable to social insurance have already been created since the beginning of 2006. 

Source: Invest in Bavaria