💼 Germany's Steady Unemployment Rate. EV Sales Up 5x. +15% Semiconductor Demand in Automotives.

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Today's Topics

💼 Workforce. Germany maintains a steady unemployment rate against EU
🍃 Green Skills. 5x growth in global EV sales
🏭 Advanced Manufacturing. 15% growth in semiconductor demand in the automotive industry 

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💼 Germany Maintains a Steady Unemployment Rate Against EU

Germany's 2023 unemployment rate stood at 3.2%, significantly below the EU average of 6.1%. This continues Germany's trend of consistently stronger labor market performance within the European Union. To address recent skilled worker shortages, Germany is actively recruiting international talent and is planning employment law reforms by 2026, including a rise in minimum wages. The Federal Ministry of Labour and Social Affairs' Skilled Labour Strategy is a key policy addressing these demographic and workforce needs.

🍃 5x Growth in Global EV Sales

Global EV sales reached 17.5M in 2024, a sharp rise from 2.9M in 2019. Despite EVs becoming more affordable, this near five-fold surge now faces headwinds from new tariffs and evolving consumer concerns as popularity rises, potentially slowing growth and raising consumer costs. While China's subsidies fueled its EV dominance, new 25% US tariffs on these imports will likely increase prices. The new US  administration's policy aims to protect US industry, potentially impacting global EV affordability.

🏭 15% Growth in Semiconductor Demand in the Automotive Industry 

Automotive semiconductor demand grew 15% in 2023, while consumer (-31.9%) and government (-45%) sectors sharply declined. The EV industry’s high dependence on advanced chips for EVs saw their demand grow higher. This reflects a market shift following the 2020-2023 global chip shortage caused by demand-supply imbalances. The shortage was fueled by pandemic-era electronics demand and supply disruptions. The US CHIPS and Science Act, via the Department of Commerce, aims to secure future supply by boosting domestic production.

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