ifo Employment Barometer Falls (July 2023)
The willingness among companies in Germany to hire new staff has declined sharply. The ifo Employment Barometer fell to 97.1 points in July, down from 98.3 points in June. “At present, positive and negative responses balance each other out exactly,” says Klaus Wohlrabe, Head of Surveys at ifo. “Virtually all industries are becoming more cautious about taking on new hires.”
The Employment Barometer was down in all four sectors of the economy. New hires are currently expected only among service providers, especially in tourism and the IT industry. In manufacturing, layoffs are increasingly being considered, particularly in the chemical and metal industries. In trade, businesses are also tending to make do with fewer staff. The recession in the construction industry has not yet had a major impact on the number of employees. So far, the tendency toward layoffs is only slight.
Data
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