Danish job market hits record high

Denmark’s job market continues to thrive with a significant increase of 6,600 employees from March to April, reaching an unprecedented level of 3,023,300 people in employment. Over the past year, employment has risen in 10 out of 12 months. Despite high inflation, interest rate hikes, and economic uncertainty, the number of employed individuals is currently 79,000 higher than before these economic changes. Growth has been particularly strong in the industrial sector, transportation, public administration, and knowledge-based services like legal, architectural, and engineering firms. Economists from Arbejdernes Landsbank and Nykredit highlight that both domestic and international demand for Danish products and services, especially in the pharmaceutical industry, have driven employment up. With a solid private consumption rate, excluding minor dips in car purchasing at the start of the year, employment prospects appear robust. Economists anticipate the job market will continue setting records, albeit at a moderated pace in the coming quarters.