An increase in wage earners in both the private and public sectors mean that a record streak for the labour market goes on, according to newly-published figures from national agency Statistics Denmark.
The total number of people in employment in Denmark increased by 6,500 in August, bringing the overall figure to 2,760,000.
That figure includes a 5,300 increase in the private sector, continuing an ongoing trend of increasing employment seen in the sector for a number of years. An average of 3,500 people every month have found work in the private sector for the last five years, according to Statistics Denmark.
— Danmarks Statistik (@DSTdk) October 22, 2018
“There were 1,928,300 wage earners in this sector group in August 2018. That is the highest total ever and 24,800 more than in March 2008, when the number of persons with wage-earning positions in companies and organisations reached its peak prior to the (global financial) crisis,” the agency writes on its website.
In the public sector, the number of wage earners increased to 831,400 – a jump of just over 1,000.
“This heavily underlines the economic upturn in Denmark over the last few years. An upturn that, particularly on the jobs market, has been thunderingly strong,” Statistics Denmark wrote.
“There are good reasons to be pleased about this, because it means that more and more people can feel the upturn at close hand,” macroeconomist with Sydbank Søren V. Kristensen told Ritzau.
“At the same time, it is a solid signal that prosperity in Denmark’s economy has kept up steam during the second quarter of the year,” Kristensen added.
Economists from interest organisations said the figures were a sign that more hands were needed on the job market and called for reform to increase labour market resources for employers.
The Danish Chamber of Commerce (Dansk Erhverv) called for easing of rules on hiring from abroad, while the Danish Construction Association (Dansk Byggeri) also said that reforms were needed.
“But it is also important to stress that reform certainly does not always mean using a stick, it can also be with a carrot,” Danish Construction Association lead economist Bo Sandberg said via written comment.
“For example, it might pay to use the budget negotiations to give further tax incitements to get seniors to remain on the labour market for longer,” Sandberg wrote.