Despite challenges such as the war in Ukraine, rising energy prices and persistently high inflation rates, the German labor market has proven to be relatively robust over the past two years. The fight against inflation by the European Central Bank (ECB) is currently shaping economic activity. At 2.2%, the inflation rate in March 2024 is expected to be close to the ECB’s target value of 2% (Federal Statistical Office, 2024). However, economic and political uncertainties are clouding Germany’s growth prospects. Only low economic growth of 0.25% is expected for 2024, underlining the subdued economic outlook (Hamburg Institute of International Economics, 2024).