German Companies' Willingness to Hire Declines
September 28 2022 - 04:58AM
Dow Jones News
By Maria Martinez
The willingness of German companies to hire has decreased as the
economy slows down and demand weakens, according to the Ifo
Institute.
Ifo's employment barometer fell to 99.5 points in September from
100.9 points in August.
However, companies are still looking to hire new employees,
particularly in the service sector.
"Against the backdrop of the economic recession and with a view
to the shortage of skilled workers, companies are focusing above
all on retaining their employees," the report said.
In manufacturing, the employment barometer dropped again in
September. In the service sector, the barometer declined but
continued to indicate a positive willingness to hire. In trade,
businesses are continuing to suffer from poor consumer sentiment
and therefore, layoffs are more likely to occur than new hires. The
construction industry has also been cautious in its workforce
planning due to a large number of cancellations, the Ifo Institute
said.
Write to Maria Martinez at maria.martinez@wsj.com
(END) Dow Jones Newswires
September 28, 2022 04:43 ET (08:43 GMT)
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