German companies looking to hire new employees as market recovers: ifo Institute

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BERLIN, March 30 (Xinhua) — German companies were increasingly looking to hire new employees as the country’s labor market was “starting to recover” despite the ongoing COVID-19 pandemic, the ifo Institute said on Tuesday.

The corresponding employment index rose from 94.5 points in February to 97.6 points in March, the highest level since February 2020, according to the monthly ifo survey conducted among around 9,000 companies of different sectors.

Germany’s strong industrial activity was “now motivating companies to start hiring,” the electrical and electronics industry was, in particular, looking for new employees, the ifo Institute noted.

However, the German Electrical and Electronic Manufacturers’ Association (ZVEI) said at the beginning of March that the number of employees in the industry remained below pre-pandemic figures from early 2020.

The situation in Germany’s trade sector “recovered somewhat” but employees continued to be laid off in the retail sector, according to the ifo Institute.

As many non-food retailers were not allowed to open their stores since mid-December last year, the German Retail Federation (HDE) recently warned that up to 120,000 stores in Germany were in danger of going out of business.

In the service sector, expectations improved noticeably, with logistics companies and service providers in information technology (IT) “driving this development,” the ifo Institute noted. Enditem

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