ifo Employment Barometer Falls (November 2023)
The willingness among companies in Germany to hire new staff has decreased slightly. The ifo Employment Barometer fell to 95.9 points in November, down from 96.2 points in October. “With a solid foundation for recovery still not in sight, companies are putting off hiring new staff,” says Klaus Wohlrabe, Head of Surveys at ifo. “Many companies continue to complain about a lack of new orders.”
Although the barometer in German manufacturing rose again after seven decreases in a row, it remains in negative territory – in other words, manufacturers are expected to make do with fewer employees. This is particularly true of energy-intensive industries. The barometer rose a little in German trade, too. However, retailers remain cautious when it comes to new hires. Among service providers, the slightly positive trend toward increasing headcount continues, albeit less pronounced than in the previous month. In German construction, the barometer fell to its lowest level since August 2010. The crisis in residential construction can now also be felt in personnel planning.
