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9 June | Euro

German Labor Office warns of potential 90,000 job losses by year-end

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German Labor Office warns of potential 90,000 job losses by year-end

Andrea Nahles, head of Germany's Federal Employment Agency, has warned that the country could lose up to 90,000 jobs by the end of this year. She attributes this potential decline primarily to current US trade policies.

The official based her assessment on research from the Institute for Employment Research (IAB) regarding the impact of 25% US trade tariffs.

Last month, unemployment in Europe's largest economy rose faster than anticipated, with the number of jobless people approaching 3 million for the first time in a decade.

Reuters experts note that Germany's economic challenges continue to strain the labor market despite persistent workforce shortages. This situation is increasing pressure on Chancellor Friedrich Merz, who previously pledged to pull the economy out of its two-year downturn.

Elizaveta Kuzmicheva MarketCheese

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