German Labor Market Shrinks in 3rd Quarter

The labor market in Germany continued to shrink in the third quarter. According to data released on Tuesday by the Federal Statistics Office in Wiesbaden, there are 38.7 million employed workers in Germany. However, the figure has shrunk by 0.8 percent during the past year. During the second quarter, the amount was even greater, with a 0.5 percent reduction. The highest rates of job reduction have stricken the construction and industrial sectors. However, the agency reported a slight increase of positions in the service industry.