Germany’s Ifo warns about layoffs

By Emir Yildirim

ISTANBUL (AA) – Germany’s employment barometer fell from 95.3 points in July to 94.8 in August due to the weak economic development influencing the nation’s employment development, according to the ifo Institute on Wednesday.

The barometer for employment fell most significantly in trade to minus 16.8 points and in manufacturing to minus 13.9 points in the same period.

Lack of customers in stores and increasingly more firms considering layoffs led to losses in the manufacturing and the trade employment development.

However, a positive hiring trend was seen in the service sector, whose employment barometer stood at 2.7 points, while the IT and tourism sectors saw upticks in employment.