Denmark’s workforce nears three million people
Denmark’s labour market still appears to have an appetite for new hands despite high interest rates and other potential challenges related to the economy.
The number of people who are in some form of employment in Denmark increased by 800 between March and April, Statistics Denmark data shows.
That leaves the total number for people engaged on Denmark’s labour market at 2,986,500.
The increase in employment is not as high as in the previous month, with an additional 4,800 people added to the labour market between February and March.
Nevertheless the trend shows that the labour market is still managing to defy dampened private consumption and economic uncertainty.
The Confederation of Danish Industry (Dansk Industri, DI) said it expects the three million figure for Denmark’s workforce to be exceeded by the end of the year.
“It’s becoming more and more likely that we’ll hit three million employed in Denmark. That’s a milestone that almost nobody foresaw at the beginning of the year,” DI’s deputy director Steen Nielsen said in a written comment.
Elsewhere, analysts predict that employment is set to fall.
“It is unfortunately our expectation that we will see lower employment during the course of 2023 in line with the economy slowing down more,” Sydbank senior economist Søren Kristensen said.
“At the same time there’s an outlook for wage increases of around five percent on the private labour market,” he said.
“This would represent the largest wage increases since the Global Financial Crisis [2007, ed.] and it should also place a certain dampener on companies’ appetite and ability to hire. Fortunately, there is much to suggest things won’t get too bad,” he said.
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The number of people who are in some form of employment in Denmark increased by 800 between March and April, Statistics Denmark data shows.
That leaves the total number for people engaged on Denmark’s labour market at 2,986,500.
The increase in employment is not as high as in the previous month, with an additional 4,800 people added to the labour market between February and March.
Nevertheless the trend shows that the labour market is still managing to defy dampened private consumption and economic uncertainty.
The Confederation of Danish Industry (Dansk Industri, DI) said it expects the three million figure for Denmark’s workforce to be exceeded by the end of the year.
“It’s becoming more and more likely that we’ll hit three million employed in Denmark. That’s a milestone that almost nobody foresaw at the beginning of the year,” DI’s deputy director Steen Nielsen said in a written comment.
Elsewhere, analysts predict that employment is set to fall.
“It is unfortunately our expectation that we will see lower employment during the course of 2023 in line with the economy slowing down more,” Sydbank senior economist Søren Kristensen said.
“At the same time there’s an outlook for wage increases of around five percent on the private labour market,” he said.
“This would represent the largest wage increases since the Global Financial Crisis [2007, ed.] and it should also place a certain dampener on companies’ appetite and ability to hire. Fortunately, there is much to suggest things won’t get too bad,” he said.
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