U.S. & Germany Job Trends Mixed in December 2024
December 2024 saw a mixed bag of job trends in the U.S. and Germany. While the U.S. private sector added 122,000 jobs, manufacturing continued its decline, losing 11,000 positions. In Germany, the goods-producing sector added 10,000 jobs, but the service-providing sector led with 112,000 new positions.
In the U.S., the Western region drove job growth, adding 82,000 jobs. The leisure and hospitality sector saw a boost of 22,000 jobs, while professional and business services lost 5,000 positions. Meanwhile, manufacturing experienced its third consecutive month of decline, shedding 11,000 jobs.
In Germany, the goods-producing sector added 10,000 jobs, with construction gaining 27,000. However, most jobs were not created but reduced, particularly in the industrial sector where 44% of companies planned to cut jobs, with only 14% planning to hire. Large establishments added 97,000 jobs, while small establishments added 5,000. The service-providing sector led with 112,000 new jobs, driven by education and health services (+57,000).
Pay growth was highest in construction (+5.1%) and financial activities (+4.9%). Annual pay growth for job-stayers slowed to 4.6%, reflecting a cooling labor market. Medium-sized businesses reported the strongest pay growth for job-stayers, at 4.8%.
In summary, December 2024 saw a mix of job gains and losses across various sectors and regions. While the U.S. private sector added jobs, manufacturing continued its decline. In Germany, the goods-producing sector added jobs, but the service-providing sector led the way. Pay growth varied by sector and business size, with a slowing annual pay growth for job-stayers.
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