The employment landscape in
Germany remains largely stagnant as of the third quarter of 2024, with the number of employed individuals holding steady at 46.1 million. This marks a slight increase of 23,000 from the previous summer, but a seasonal adjustment reveals a marginal decline. While the service sector continues to expand, both industry and construction are witnessing significant job losses, with declines of 73,000 and 30,000 respectively. The number of self-employed individuals has also decreased to 3.8 million. In contrast, a year-on-year comparison still reflects a minimal increase in employment.
Similarly, the UK's economy has experienced a slowdown, with a GDP growth of only 0.1% in the third quarter of 2024, a drop from 0.5% in the previous quarter. This stagnation is attributed to a decline in manufacturing output, coupled with high interest rates and uncertainty surrounding budgetary policies. The outlook for the labour market appears bleak, with recent surveys indicating diminishing consumer and business confidence. Both nations are grappling with challenges that impede robust job creation and economic expansion.
