German Employment Barometer Fell in July

By Maria Martinez

The willingness among German companies to hire new staff has taken a significant knock, the Ifo Institute said.

The Ifo employment barometer fell to 101.1 points in July from 103.3 points in June. Companies are still planning to recruit new staff, though they have become more cautious in their personnel planning because of the current high level of uncertainty, Ifo said.

In manufacturing, the Ifo employment barometer again fell slightly. However, there is still a major need for new hires, particularly in the automotive and electrical industries.

In the service sector, the indicator fell noticeably, Ifo said. "The hospitality industry in particular has hit the brakes on new hiring," the report said.

Trade and construction companies still have very little need to hire new staff, Ifo's data show.

Write to Maria Martinez at [e-mail]

(END) Dow Jones Newswires

07-27-22 0303ET