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Many German industries planning job cuts amid COVID-19 crisis:Ifo institute

Xinhua News,BERLIN
2020-05-11 15:38

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BERLIN, May 11 (Xinhua) -- Many industries in Germany will be cutting jobs due to the ongoing coronavirus crisis, Germany's Ifo institute said in a statement on Monday.

In April, 58 percent of restaurants, 50 percent of hotels, and 43 percent of travel agencies decided to lay off workers, said the Munich-based research institution.

"From now on, the crisis will have an impact on the German labor market," said Klaus Wohlrabe, head of the latest Business Survey.

Higher than an average of 18 percent of layoffs was also being made in other sectors. For example, the layoff rate reached 57 percent at some personnel recruitment and provision companies, said the statement.
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