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Job cuts at companies in Germany slowed somewhat in March, the ifo Institute’s Employment Barometer, published on Friday, showed.<\/p>\n
The March index rose to 93.4 points from February’s 93.1, but economists at the Munich-based institute said that’s not enough to produce a turnaround.<\/p>\n
“Although companies are planning somewhat less frequently to cut jobs, it is still too early to speak of a real trend reversal,” noted Klaus Wohlrabe, ifo’s head of surveys.<\/p>\n
He said plans for job cuts remained in place in almost all sectors, albeit less pronounced than recently. “The structural adjustment process in industry continues,” Wohlrabe said.<\/p>\n
For companies in the services and construction sectors, plans for redundancies and hiring were roughly balanced. On the other hand, the retail sector wanted to cut more staff.<\/p>\n
Growth despite uncertainty<\/strong><\/p>\n Germany’s economy is expected to return to modest growth this year thanks to the government’s \u20ac500 billion ($576 billion) stimulus package. However, the Iran war is causing considerable uncertainty, above all due to sharply rising energy prices.<\/p>\n “The current geopolitical situation remains an uncertainty factor,” Wohlrabe said.<\/p>\n “If conditions continue to deteriorate, it could place a greater burden on the labour market again.”<\/p>\n<\/p><\/div>\n