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Employment in Germany continues its positive trend, as announced by the Federal Statistical Office (Destatis) in its current press release No. 326. In Q2 2023, around 45.9 million people were employed in Germany. Compared to the previous quarter, the seasonally adjusted number of employed persons recorded an increase of 67,000 persons (+0.1%). Compared with the same quarter of the previous year, growth of 0.7% was observed. This development reflects an overall positive economic momentum, although the pace of growth is slowing compared to the previous quarter.
The increase in employment is also reflected in the non-seasonally adjusted view. Compared to the previous quarter, the number of employed persons increased by 240,000 persons or 0.5%. This increase is common in the spring, due to the revival of outside occupations. However, this year's spring revival was much more subdued, with a 0.5% increase, than last year's 0.7% growth.
Positive development in service sector
The service sector made a significant contribution to the increase in the number of people in employment. In particular, public service providers, education, health (+0.9%), trade, transport and hospitality (+0.7%) and business service providers (+0.9%) recorded significant increases. Employment in information and communication also grew dynamically by 2.9%. The financial and insurance services sector, on the other hand, recorded a slight increase of 0.1% after years of downward trend.
Labor volume and employment types
The average hours worked per employed person increased slightly by 0.1 hours to 319.1 hours. The total economic volume of work, which takes into account the increased number of employed persons and hours worked per employed person, increased by 0.8% to 14.6 billion hours. The average number of hours worked per employed person increased by 0.1% to 319.1 hours.
The positive 0.7% year-on-year growth in employment was largely driven by employment subject to social security contributions and employees in marginal jobs. The number of employees rose by 0.8% to 42 million persons, while the number of self-employed persons, including family workers, declined by 0.3% to 3.9 million persons.
European comparison
In a European context, employment increased by an average of 1.3% in the 27 European Union (EU) countries and by 1.5% in the euro area compared with the same quarter last year, which is stronger than the increase in Germany.
Conclusion and outlook
The development of employment in Q2 2023 shows continued positive momentum in the German labor market. Despite somewhat slower growth compared with the previous quarter, the upward trend remains year-on-year. The service sector in particular is contributing to the increase in employment, while the manufacturing sector also posted slight gains. The revival of the labor market is also apparent in the European context. However, possible effects of international events, such as the war in Ukraine, should be kept in mind as they could impact future developments. The strength of employment thus remains an important indicator of Germany's overall economic health.
Note: The results presented here are based on preliminary calculations by the Federal Statistical Office (Destatis) and could be revised by further data updates.
The latest ifo Business Survey, published on August 16, 2023, shows an increase in the shortage of skilled workers in German companies. The survey was conducted among approximately 9,000 companies from various industries throughout Germany. The results make it clear that more and more companies are having difficulty finding qualified workers. This trend is considered a cause for concern by experts, as it continues despite the current economic challenges.
Increasing shortage of skilled workers despite economic uncertainty
According to the results of the survey, a total of 43.1% of companies surveyed in July 2023 reported suffering from shortages of qualified workers. This represents a slight increase compared to the 42.2% in April 2023. One interesting aspect is that this increase was recorded despite a weakening economy. This trend illustrates that finding suitable employees remains a high priority for many companies.
Sector-specific challenges
The service sector is particularly affected by this shortage of skilled workers. In areas such as legal and tax consulting as well as auditing, 75.3% of the companies surveyed stated that they could not find enough applicants* with the required qualifications. Also the traffic range as well as architecture and engineer's offices are strongly concerned, whereby here even a new high level for these industries was reached.
In the area of IT equipment manufacturers, 43.1% of the companies surveyed are affected by a shortage of skilled workers, while in mechanical engineering the figure is 40.9%. In the manufacturing sector as a whole, the proportion has decreased slightly to 34.6%. In trade and construction, slightly less than one-third of companies complain about a shortage of qualified workers.
Outlook and conclusions
The continuing difficulty in finding qualified workers, despite economic uncertainty, raises questions about the future of the German economy. Experts stress that this shortage of skilled workers could hamper growth and innovation in the long term. Companies are increasingly being called upon to find creative solutions to meet their need for qualified employees. This could include investing in targeted education and training programs, promoting career paths in affected industries, and using technology to optimize work processes.
Overall, the Ifo Business Survey shows that the shortage of skilled workers in Germany continues to be a serious concern for companies in various industries. This requires a coordinated effort by business, educational institutions and government to address this challenge and ensure the competitiveness of the German economy in the long term.
The digital landscape of e-commerce offers online stores and retailers numerous opportunities to increase their sales. With growing competition and ever-changing consumer preferences, proven strategies are essential to ensure sustained success. Here are some effective approaches online retailers should consider:
1. Website and user experience optimization:
The foundation of successful e-commerce lies in a user-friendly website. Fast loading times, clear navigation and mobile optimization are essential to convert visitors to customers. A smooth shopping process builds trust and minimizes shopping cart abandonment.
2. High-quality product presentation:
Pictures are worth a thousand words, especially in e-commerce. Invest in high-resolution product images to present products in an appealing way. Complement these images with detailed product descriptions to help potential customers fully understand the products.
Product descriptions are a great way to help customers understand the products.
3. Search Engine Optimization (SEO):
Visibility in search engine results is critical. By optimizing your product pages for relevant keywords, you can generate more organic traffic and attract potential customers to your website.
4. Pay-Per-Click (PPC) Advertising:
Targeted ads on platforms like Google Ads or social media can precisely target your audience. Strategic budget management and relevant ad content can help you attract qualified leads.
5. Personalization and recommendations:
Modern technologies like artificial intelligence enable personalized product recommendations. By analyzing your customers' behaviors and preferences, you can make targeted recommendations and boost conversion rates.
6. Offers and discounts:
Limited special offers and discount promotions awaken the incentive to buy. By giving customers a sense of urgency, you encourage them to pounce immediately.
7. Customer ratings and reviews:
Positive reviews and feedback from satisfied customers are trust indicators. They provide reassurance to potential buyers and can increase the likelihood that they will make a purchasing decision.
8. Cross-selling and upselling:
Use the opportunity to offer complementary products (cross-selling) or recommend upgrades (upselling). This can increase the average order value and lead to higher revenue.
9. Loyalty programs:
Reward regular customers with loyalty programs, exclusive offers and discounts. This builds customer loyalty and can lead to repeat purchases.
10. Social media presence:
Active presence on social media allows you to build a closer relationship with your target audience. Share relevant content, interactions and announcements to increase brand awareness.
11. Mobile App:
A user-friendly mobile app can optimize the shopping experience on mobile devices and improve customer engagement. Features such as push notifications for special offers can attract customers.
12. Email marketing:
Regular email marketing campaigns keep customers informed about new products, offers, and news. Personalized emails can increase engagement.
13. Abandoned Cart Recovery:
Implement mechanisms to remind customers who have abandoned their cart via email or notification. Often, targeted reminders can encourage completion of the purchase.
14. Customer service:
First-class customer service contributes to customer satisfaction and can encourage word-of-mouth referrals. Quick response times and effective solutions are critical in this regard.
15. International Expansion:
Expansion into new markets can expand the customer base. However, localization of content and adaptation to cultural differences are important.
In the fast-paced world of e-commerce, it is critical to apply a combination of these strategies that best fits your target audience and business model. Continuous adjustments and an open attitude to change are keys to sustainable growth and success.
The rapid development of artificial intelligence (AI) has triggered a veritable boom in recent years and created a multitude of opportunities for investors. From self-driving cars to personalized medicine, AI is permeating nearly every sector and promises profound changes in the way we live, work and invest. In this article, we'll explore how investors can profit from the AI boom and what strategies can help make the most of the opportunities in this emerging market.
1. Understanding the AI Market
Before investors dive into the AI market, it is critical to develop a basic understanding of artificial intelligence and its various applications. AI encompasses technologies such as machine learning, neural networks and deep learning, which are used to identify patterns in large amounts of data and make predictions. Investors should familiarize themselves with the various AI subfields to identify which companies and technologies have the greatest potential.
2. Diversify investments
The AI market is diverse and spans a wide range of industries - from healthcare and finance to entertainment and agriculture. Investors should diversify their portfolios to take advantage of opportunities in different sectors while spreading risk. A mix of established AI companies and emerging startups can help maximize the potential for growth and innovation.
3. Identifying promising companies
Identifying promising companies in the AI space requires thorough research. Investors should evaluate a company's financial stability, management team, technological expertise, and past successes. Startups with innovative approaches could be the next big thing, while established tech giants are already integrating advanced AI solutions into their offerings.
4. Long-term perspective
The AI boom is not a short-term phenomenon, but a long-term trend that will last for many years. Investors should therefore take a long-term perspective and be patient. AI technologies often take time to reach full maturity and find market acceptance. Long-term investments can allow one to benefit from the gradual adoption and growth of AI.
5. Opportunities in data collection and processing
KI is heavily dependent on high-quality data. Investors could invest in companies that specialize in data collection, data processing and data analytics. These companies play an essential role in providing clean and relevant data, which is the foundation for successful AI applications.
6. Education and Networking
The AI market is constantly evolving, and investors should continually stay informed about the latest developments and trends. Educational events, conferences, and online resources can help keep knowledge of the AI sector up to date. Additionally, connecting with experts and industry insiders can provide valuable insights and potential investment opportunities.
Conclusion
The AI boom offers investors a wealth of opportunities to profit from the profound changes this transformative technology is bringing to various industries. A sound understanding of the AI market, smart diversification, thorough company selection, a long-term perspective, and exposure to data-related issues are key factors to best benefit from the AI boom. With careful research, patience, and a willingness to learn approach, investors can successfully capitalize on the emerging opportunities in the AI market.