A recent study conducted by the Ifo Institute for Economic Research indicated that companies in Germany operating in various sectors plan to reduce the number of jobs. According to the institute, based in Munich, companies in the manufacturing and trade sectors are currently inclined to reduce the number of jobs, instead of creating new hires in the next three months.
The head of the survey department at the institute, Klaus Wohlrabe, noted: "The situation in the labor market is tense." The institute pointed out that the index of employment climate at present stands at 93.4 points, whereas in recent years it has demonstrated a trend towards decline with certain fluctuations, sometimes significantly.
