JUST IN: German industry loses almost 250,000 jobs as downturn in Europe's largest economy is picking up speed
JUST IN - German industry sheds almost 250,000 jobs as downturn in Europe's largest economy is picking up speed — Reuters https://t.co/bXWcZg9WOr
German industry sheds almost 250,000 jobs in worsening downturn, study shows https://t.co/6Omzy4Izu1 https://t.co/6Omzy4Izu1
German industry has shed about 245,500 jobs since 2019, according to a study by Ernst & Young that draws on data from the federal statistics office. The sector’s workforce shrank 2.1% in the second quarter to 5.43 million employees, leaving headcount 4.3% below pre-pandemic levels. Revenue also weakened, falling 2.1% year-on-year to €533 billion in the April-to-June period after a marginal decline in the first quarter. Car manufacturing posted the steepest employment drop, down 6.7% in the past 12 months, equal to roughly 51,500 lost positions as companies such as Volkswagen, Mercedes-Benz and parts supplier Continental cut costs. EY cited stiffer competition from Asian rivals, the expensive shift to electric vehicles and weaker foreign demand as key pressures. Exports to the United States—a market still critical for German manufacturers—slumped 10% in the quarter, while shipments to China fell 14%, underscoring the challenges facing Europe’s largest economy.
