Contradictory job market:
Simultaneous easing and shortages

The economic outlook at the year’s outset was anything but rosy: A weaker economic situation, a decline in orders and various companies announcing layoffs. At the same time, more people were working in February than ever before; according to the Federal Statistical Office, almost 46 million people were engaged in professional activity. Employers in different industries continued to complain that a lack of trained professionals was hindering their business activities.

Data for the 16th DEKRA labor market report, therefore, was being collected during an eventful time. Is the job market reacting to this? It is difficult to get a clear answer, since there are many different factors at play.

The economic mood was dimmer already last year. At the same time, we are slowly seeing the impacts of demographic development, as more Baby Boomers retire. nevertheless, the analysis of 10,460 job advertisements shows: Hiring prospects in some areas are more moderate than in 2023. For the first time since data began to be collected, in 2008, for instance, none of the top ten most sought-after professions is an academic profession, and the percentage of IT professions in the sample is lower than at any time since 2010. Warehouse logistics, which is sensitive to economic shifts, has also reacted with a lower share compared to last year’s survey.