Employment Surges to Record in November
Denmark experienced a record increase in the number of wage earners in November 2023, reaching 3.005 million, a monthly increase of 3,200 as reported by Statistics Denmark. The rise in employment is surprising to economists given the overall economic downturn, including more unemployment, fewer job vacancies, and a 0.7% drop in GDP in Q3 of 2023. Steen Nielsen from Danish Industry and Erik Bjørsted of Dansk Metal note the mismatch between employment growth and other economic indicators, expecting a future adjustment. Concerns are also raised over falling productivity with rising employment during an economic contraction.