Short-time work in German industry has been concentrated in eight sectors to date, according to a latest survey by think tank IFO Institute. A quarter of companies in the textile sector and 18 per cent of firms in the leather, leather goods, and footwear sectors have introduced short-time work. The average for the German manufacturing sector is 3.8 per cent.
Other sectors are currently either well below this level or have zero short-time work.Short-time work in German industry has been concentrated in eight sectors to date, according to a latest survey by think tank IFO Institute. A quarter of companies in the textile sector and 18 per cent of firms in the leather, leather goods, and footwear sectors have introduced short-time work. The average for the German manufacturing sector is 3.8 per cent.#
The proportion of companies on short-time work is expected to increase to 8.5 per cent over the next three months. Industries that are important for Germany, such as automotive, mechanical engineering, and chemicals, will be hit harder, says Timo Wollmershaeuser, head of forecasts at IFO.
Regarding the outlook for the next three months, 34 per cent of textile manufacturers and 17 per cent in leather goods and footwear sector are expected to introduce short-time work. (DS)
Fibre2Fashion News Desk – India
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