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GERMAN DATA: IFO Employment Declines Further In All Categories Except Trade

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

The IFO employment barometer declined for the sixth consecutive time in November, falling to 93.4, its lowest level since June 2020. This comes amid an additional set of manufacturing companies announcing plans for job cuts recently, and underpins the narrative that the prevailing weakness in the German economy is making its way through to the labour market.

  • All sub-balances except trade (manufacturing, construction, and services, that is) fell, with manufacturing continuing to print the weakest (-19.8 vs -18.9 prior, post-pandemic low).
  • For reference, the announced job losses (excl. previous announcements by VW) include companies Bosch (5500 on top of 7000 previously announced, "the majority" of that in Germany) and Thyssen-Krupp (5000, seemingly almost all in Germany). While these cuts are not going to massively impact the German labour market taken by themselves, they add to the prevailing narrative, and combined second-round effects could be substantial.
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The IFO employment barometer declined for the sixth consecutive time in November, falling to 93.4, its lowest level since June 2020. This comes amid an additional set of manufacturing companies announcing plans for job cuts recently, and underpins the narrative that the prevailing weakness in the German economy is making its way through to the labour market.

  • All sub-balances except trade (manufacturing, construction, and services, that is) fell, with manufacturing continuing to print the weakest (-19.8 vs -18.9 prior, post-pandemic low).
  • For reference, the announced job losses (excl. previous announcements by VW) include companies Bosch (5500 on top of 7000 previously announced, "the majority" of that in Germany) and Thyssen-Krupp (5000, seemingly almost all in Germany). While these cuts are not going to massively impact the German labour market taken by themselves, they add to the prevailing narrative, and combined second-round effects could be substantial.