“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 ifo said in a media release.
The ifo said in an earlier report that the sentiment among German exporters has cooled and export expectations are negative in most manufacturing industries. The ifo Business Climate Index also fell to 84.3 points in September, down from 88.6 points (seasonally adjusted) in August. This is its lowest value since May 2020.
The ifo Employment Barometer is based on around 9,000 monthly responses from businesses in manufacturing, construction, wholesaling, retailing, and the service sector. The companies are asked to report on their employment plans for the coming three months.
ALCHEMPro News Desk (KD)
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