Companies in Germany tend to be reticent when it comes to hiring.
The Ifo employment barometer fell to 99.5 points in September after 100.9 points in August, as the Munich research institute announced on Wednesday.
"Especially in the service sector, however, new employees are still being sought." Against the background of the economic recession and in view of the shortage of skilled workers, the companies concentrated primarily on keeping their employees.
In industry, the employment barometer fell again.
Positive and negative answers are currently more or less balanced.
According to the Ifo Institute, the barometer for service providers was down, but continues to show a positive willingness to hire.
In particular, the IT sector and legal and tax advice are looking for new employees.
Retail, on the other hand, continues to suffer from poor consumer sentiment.
“There are more layoffs than new hires.” In the construction industry, too, caution has been exercised in personnel planning due to the large number of cancellations.
The signs in Germany are currently pointing to an economic slowdown.
The monthly survey by Munich researchers among 9,000 executives showed at the beginning of the week that the mood in the executive floors of German companies is worse than it has been since the beginning of the Corona crisis.
The energy crisis pushed the Ifo business climate index down from 88.6 points to 84.3 points in September, the lowest level since May 2020. "The German economy is slipping into recession," said Ifo President Clemens Fuest.