Quarter of German Companies to Ask Staff to Work Shorter Hours, Ifo Says
March 30 2020 - 3:40AM
Dow Jones News
By Tom Fairless
Around a quarter of German companies expect to ask staff to work
shorter hours over the next three months according to German think
tank Ifo, underscoring the impact of the coronavirus pandemic on
Europe's largest economy.
That is the highest share of companies expecting to tap
short-time work since the aftermath of the financial crisis in
2010, and up from 15% three months ago, Ifo said, citing a survey
of businesses.
The hardest-hit sectors are auto manufacturers and suppliers,
where 41% of businesses expect to put staff on shorter hours, and
machine-building and electronics, where around a third of companies
expect to tap shorter hours.
The numbers are likely to rise further: the survey ran through
mid-March and its results therefore don't yet show the full impact
of the business shutdowns related to the coronavirus pandemic, Ifo
said.
Write to Tom Fairless at tom.fairless@wsj.com
(END) Dow Jones Newswires
March 30, 2020 04:25 ET (08:25 GMT)
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