Record Demand for Workers in Germany – Highest in the ICT Sector

The demand from companies for new workers in Germany reached a record level in July, with the highest demand recorded in the information and communication technology sector, according to a report from the Federal Employment Agency (FEA).

The job vacancy index compiled by the FEA rose by two points in July to 256 points, the highest level of this indicator since its introduction in 2005.

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The government agency highlighted in its report, published on Monday, that the number of job vacancies increased predominantly in the economic sector.

The highest demand for new workers was recorded in the information and communication technology sector. The retail, industrial production, and public administration sectors also saw a significant annual increase in job vacancies.

The FEA attributed the record demand for workers in Germany to the long-term economic prosperity in the country.

Although several institutes have lowered their growth forecasts for the economy in 2018, strong growth continues to translate into improved employment prospects.

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Additionally, low unemployment levels mean that workers currently feel more secure in changing their current jobs.

The government agency reiterated on Monday that some sectors of the economy, such as healthcare and caregiving, are facing a serious shortage of qualified labor. This situation is reflected in the record index of job vacancies that have remained unfilled for extended periods.

The FEA is expected to release official unemployment data for July on Tuesday.

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Unemployment traditionally rises during the summer months as a result of annual vacations. In June, labor market officials recorded the lowest number of registered unemployed residents in Germany since the beginning of national measurements in 1990.