The findings of the latest survey conducted by Germany’s influential IFO institute showed on Monday that a majority of the sectors cut jobs last month, in the face of the coronavirus pandemic induced lockdown and stall in the business activity.
39% of German companies in the auto industry decided to cut jobs in April.
50% of companies in hotels, 58% in restaurants business, 43% in travel agencies decided to cut jobs last month.
Higher than average layoffs were also being made in many other sectors but none in pharmaceuticals.
Klaus Wohlrabe, Head of surveys, noted: “From now on, the crisis will have an impact on the German labor market.”
The shared currency is little change despite the downbeat survey findings, as EUR/USD defends bids around 1.0845 ahead of the European open.