BERLIN, June 18, 2018 (BSS/Xinhua) – German manufacturing industry
continued a hiring spree in April, figures by the Federal Statistical Office
showed on Friday.
According to Wiesbaden-based government agency, 5.6 million people were
employed by German manufacturing firms with a headcount of at least 50 staff
at the end of April.
It marked a 2.7 percent increase compared to April 2017 and the highest
overall employment since the beginning of official measurements by the
Federal Statistical Office in 2005.
The fastest rate of increase in staff numbers was recorded in firms
producing data processing-, electronic- and optical devices (plus 4.1
percent), followed by engineering products (plus 3.4 percent) and metal
products (plus 3.3 percent).
The number of hours worked in the German manufacturing industry rose 9.5
percent from a year earlier, to 712 million hours, while the earnings rose by
5.7 percent to a total of 25.9 billion euros (30 million U.S. dollars).
The upbeat figures appeared to defy several recent studies which have
warned that storm clouds are increasingly gathering over the German economy.
An escalating conflict over trade between the European Union (EU) and the
U.S. in particular is seen as posing a major risk to the prospects of the
country’s export-oriented manufacturers, while firms have complained about
growing difficulties in meeting high consumer demand due to a lack of skilled
labor.
In spite of the strong monthly performance for the manufacturing
employment, an official growth forecast published by the German central bank
(Bundesbank) on Friday cautioned that there was likely to be a lag between
the materialization of related risks and the response of domestic companies
with regards to hiring practices.
According to the Frankfurt-based institute, Germany was currently at the
peak of a growth phase which was likely to yield to slightly slower rates of
gross domestic product (GDP) expansion in coming years.