The German Institute for Economic Research (Ifo) published the results of the German Business Survey in August. In a statement on the results of the survey, it was stated that companies in Germany were more cautious in their personnel planning. The Employment Barometer, which was 95.3 points in July, was reported to have declined to 94.8 points in August.
Klaus Wohlrabe, Director of the Ifo Surveys Centre, said: "Weakness in the economy is also reflected in employment development. Lack of orders causes companies to curb recruitment. ⁇ he said.
According to the survey, the Employment Barometer is declining markedly in the manufacturing sector, while more companies in the industry are considering layoffs.
Ifo stated that the same is true for retail, where there is a lack of customers in stores, and in the construction sector, employees are kept despite the severe crisis.
Germany, one of the leading economies of the European Union (EU), decreased by 0.1 percent in the second quarter compared to the previous quarter. Germany's economy, which expanded in the first quarter of the year, will enter a technical recession if it shrinks three quarters in a row.
