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Cup Flows Over for German
Labor Market
- European Pressphoto Agency
German labor market data released Tuesday cast a positive light on the economy not only due to the fall in unemployment, but also due to the steady rise of people paying into the country’s social security system.
The latest data showed that in November the number of individuals with jobs that pay into the social security system increased by 60,000. The data comes a bit behind the unemployment data, which are reported for the current month.
“For a country in which pensions, health care and other benefits are mostly paid out of payroll taxes, this is arguably the single most important statistic,” Berenberg chief economist Holger Schmieding wrote in a note.
Mr. Schmieding calls the number of jobs paying into the social security system “core employment,” and points out that this number of employment has risen by 714,000 on the year in November. This compares with a reduction of 220,000 in unemployment over the same period. In other words, people are re-joining the labor market, who hadn’t even been counted before.
“Germany is mobilising its labour reserves as people retire later, start to work earlier and as the country offers better conditions for women (and men) to re-enter the labour force after a family phase. Germany is also attracting more skilled immigrants,” Mr. Schmieding wrote in a note
.(source:http://blogs.wsj.com/eurocrisis/2012/01/31/cup-flows-over-for-german-labor-market/)
.(source:http://blogs.wsj.com/eurocrisis/2012/01/31/cup-flows-over-for-german-labor-market/)
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