German Hiring Plans Hit Lowest Point Since 2020 Amid Economic Slowdown

Companies in Germany are increasingly hesitant to fill vacancies, reflecting ongoing economic challenges and a negative labor market trend.

The Ifo employment barometer fell to 93.7 points in October, marking the lowest level since July 2020.
Industries such as manufacturing and trade are experiencing reduced hiring due to weak economic conditions.
While the number of unemployed decreased slightly in October, the anticipated seasonal boost in employment was largely absent.
The IT and tourism sectors remain exceptions, with continued demand for new employees.
Experts forecast minimal economic growth for Germany in 2024, with potential stagnation in 2025.