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Financial News: German Employers Planning To Hire More - Ifo

German Employers Planning To Hire More - Ifo

03/26/2024 - 10:09:00 (RTTNews)

(RTTNews) - Companies in Germany were willing to hire more this month as their confidence regarding the economic outlook improved, survey results from the think tank ifo showed Tuesday.

The ifo Employment Barometer rose to 96.3 points in March from 94.9 points in February. "Companies are currently more willing to hire because they are better able to assess the economic conditions," Klaus Wohlrabe, head of surveys at ifo, said. "Skilled workers continue to be in demand."

However, manufacturers and firms in the trade sector continued to expect job cuts, the ifo survey found.

"Rising real wages at least give retailers hope that consumption will pick up again. This is then reflected in their personnel planning," Wohlrabe said. In the service sector, the indicator climbed as tourism advertisers plan to recruit additional staff. Meanwhile, the crisis in the construction industry continued to damp the hiring plans in the sector and firms tend toward layoffs, the ifo said.

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