MONEY MASTER

The ongoing transformation of Germany's car industry toward electric vehicles (EVs) could result in the loss of 186,000 jobs by 2035 , according to a study commissioned by the VDA auto industry association . The report revealed that 46,000 jobs have already been lost between 2019 and 2023, primarily due to the shift to EVs. The study, conducted by research institute Prognos , points to several factors contributing to the loss of competitiveness in Germany's car industry, including the high cost of electricity , tax rates , and increasing regulatory red tape . The job losses are further exacerbated by recent developments at Volkswagen , which is threatening to shut down at least three factories , lay off tens of thousands of employees , and reduce operations at its remaining plants, as noted by the company's works council. The VDA emphasized the need for competitive political and economic conditions in Germany to retain as much added value and employment as possible wi...

German unemployment increased by 17,000 in September, exceeding economists' expectations of 13,500 , according to a Bloomberg poll. Despite this rise, the unemployment rate remained steady at 6% . The increase signals that the economic slowdown is starting to affect the labor market more significantly. While German companies have been hesitant to cut staff due to concerns about a shortage of skilled workers, there are now growing signs of a cooling labor market . Employment growth has slowed, and the number of job vacancies fell by about 15% in the second quarter compared to the previous three months. Recent business surveys from S&P Global and the Ifo institute have also shown an increasing willingness among firms to reduce staff. According to Andrea Nahles , head of the Federal Labour Agency , the usual fall revival in the labor market is progressing more slowly than expected.

Investor confidence in Germany has plunged to its lowest level in almost a year, reflecting growing concerns over a worsening economic situation in the country's vital manufacturing sector . An expectations gauge from the ZEW institute dramatically dropped to 3.6 in September from 19.2 in August, far below the anticipated modest decline to 17, as reported on Tuesday. The index of current conditions also deteriorated, falling to -84.5 . "The hope for a swift improvement in the economic situation is visibly fading," said ZEW President Achim Wambach . He noted that while pessimism is rising across the eurozone, the outlook for Germany is particularly bleak. The outlook for Europe's largest economy has darkened considerably following a surprising contraction in output during the second quarter, driven by a sluggish industrial performance. Despite rising incomes, consumer spending remains subdued, further weighing on the economy. Recent weeks have brought a series of ...