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IFO Employment Lower Again

GERMAN DATA
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The IFO Employment Barometer declined for the second consecutive time in July, indicating that the softening in the German labour market suggested by recent hard data is set to continue.
  • The overall index value declined by 0.5 points to 95.4 in July - the lowest value since February. Without a jump in the construction sectoral balance (by 5.7 points to 0.0), the overall decline would have been even more pronounced amid declines in manufacturing (-0.1 points to -9.6), trade (-2.4 points to -15.0), and services (-1.7 points to 2.5).
  • "Due to the stagnating economic development, the willingness to hire new employees is decreasing", IFO concludes.
  • The data seems broadly in line with July's Germany PMIs - the manufacturing PMI, whose final print was already released, noted the rate of decline of its employment index accelerated in July.
  • Looking ahead, although the data is undoubtedly weak, it continues to suggest that there is no major lagged wave of redundancies driven by the sluggish manufacturing sector, and that overall employment will likely hover around current levels in the coming months.

MNI, IFO

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The IFO Employment Barometer declined for the second consecutive time in July, indicating that the softening in the German labour market suggested by recent hard data is set to continue.
  • The overall index value declined by 0.5 points to 95.4 in July - the lowest value since February. Without a jump in the construction sectoral balance (by 5.7 points to 0.0), the overall decline would have been even more pronounced amid declines in manufacturing (-0.1 points to -9.6), trade (-2.4 points to -15.0), and services (-1.7 points to 2.5).
  • "Due to the stagnating economic development, the willingness to hire new employees is decreasing", IFO concludes.
  • The data seems broadly in line with July's Germany PMIs - the manufacturing PMI, whose final print was already released, noted the rate of decline of its employment index accelerated in July.
  • Looking ahead, although the data is undoubtedly weak, it continues to suggest that there is no major lagged wave of redundancies driven by the sluggish manufacturing sector, and that overall employment will likely hover around current levels in the coming months.

MNI, IFO