German companies’ readiness to hire falls in September – Ifo

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BERLIN, Sept 28 (Reuters) – German companies’ willingness to hire declined in September as firms focused on retaining skilled workers amid worsening economic conditions, the Ifo economic institute reported on Wednesday.

Ifo said its employment barometer fell to 99.5 points in September, down from 100.9 points in August, though companies were still looking to hire new employees, particularly in the services sector.

“Against the backdrop of the economic recession and with a view to the shortage of skilled workers, companies are focusing above all on retaining their employees,” the institute said.

Ifo said on Monday that the German economy is heading for recession after it reported a stronger-than-forecast plunge in business confidence across all sectors as Germany scrambles to avoid a gas shortage this winter.

(Reporting by Paul Carrel; Editing by Jamie Freed)

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