Frankfurt The way to the hotel is difficult. Chaos reigns at the airport, the train is late. Arriving at the hotel, the after-work beer has to be cancelled. Bar closed due to lack of staff. Everywhere there is a lack of employees, everywhere companies have signs in the windows with which they are desperately looking for staff.
An empty labor market is normal when the economy is booming for a long time. But when the economy is just emerging from a pandemic-related downturn and the Ukraine war is creating a new recession threat, such labor shortages are unusual. Where have all the missing employees gone?
For one thing, there are simply more jobs. Employment subject to social security contributions has increased by 2.1 percent since the beginning of the pandemic. Because the number of mini-jobbers alone fell by 300,000, the number of regular employees rose by almost one million between March 2020 and April 2021.
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