Germany's Employment Barometer in manufacturing drops again: ifo

29 Sep '22

1 min read

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German companies’ willingness to hire is declining. The ifo Employment Barometer fell to 99.5 points in September 2022, down from 100.9 points in August this year. In manufacturing, the Employment Barometer dropped again from 4.5 points in August to 2 points in September 2022. It has been declining since May 2022 and stood at 8.2 in July 2022.

“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.

Fibre2Fashion News Desk (KD)

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