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The current lockdown is leading to staff reductions, especially in the retail trade sector, but other parts of the service sector are now planning to scale back on hiring, Klaus Wohlrabe, a senior researcher at the Ifo institute said Wednesday.
The manufacturing sector saw an overall improvement, with more firms planning to recruit new staff and fewer firms reporting layoffs. Wholesalers and the construction sector plan to leave their staff levels unchanged, Wohlrabe said.
The Ifo February German employment barometer dropped to 94.5, down from 95.1 in January.
Source: Ifo Institute
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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