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German companies are less willing to hire new staff than at any point in more than four years, data from the Ifo institute showed on Monday, as weakness in Europe’s largest economy has left its mark on the country’s labor market.
Ifo’s employment barometer fell to 93.7 points in October from 94.0 points in September, the lowest level since July 2020.
“The situation on the labor market has been on a negative trend for months, not sharply, but continuously,” said Klaus Wohlrabe, head of Ifo surveys. “Rather than filling vacancies, companies are more likely to lay off employees.”
The number of people out of work in Germany rose more than expected in October, federal labor office figures showed, as an autumn upturn has largely failed to materialize this year.
Germany’s economy, already the weakest among its large euro zone peers and other G7 countries last year, is set to shrink again in 2024, and a leading business group, the German Chamber of Commerce and Industry (DIHK), said last month that a survey of companies found little optimism for the coming months.
Ifo’s employment barometer for manufacturing also dropped again due to still subdued new orders, while trade saw a slight rise, though it remains at a similarly low level.
(Writing by Miranda Murray; Editing by Kirsten Donovan)
