Germany is seeing an increase in the number of corporate insolvencies, and temporary staffing firms may be among those hit, according to data from Statistisches Bundesamt.

Comparing the first half of 2024 to the first half of 2023, there were 24.9% more corporate insolvencies, the agency reported.

There were 31.2 corporate insolvencies for every 10,000 companies in the first half of this year. The transport and warehousing sector and the construction sector led with 60.9 and 47.4 insolvencies per 10,000 companies, respectively. However, in third place was “other economic services,” which includes staffing firms. There were 46.8 insolvencies per 10,000 in this sector.

Statistisches Bundesamt noted that it counts insolvencies after the first decision of the insolvency court. Often, the actual time of the insolvency application is almost three months earlier.