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German car manufacturers saw business improve further in June, with global demand for autos increasing, data the Ifo institute said Friday. While the business situations indicator jumped from 37.8pt in May to an almost 3-year high of 44.2pt in June, expectations only ticked up to 3.2pt from -1.6pt seen last month.
Auto manufacturers expect production to grow more slowly going forward and they are more optimistic regarding exports, but companies continue to plan for job cuts. "The cutbacks are likely to hit production in particular," said Oliver Falck, Director of the ifo Center for Industrial Organization and New Technologies.
"To cope with the structural change, companies will continue to build up personnel in IT, ICT, development, and company organization," he added.
Source: Ifo Institute