Germany is experiencing an 'unprecedented' drop in employment levels, the German economic institute Ifo said on Tuesday, as the coronavirus pandemic hits Europe's growth engine.
The latest reading represents a "historic low," where all four sectors faced sharply lower employment.Earlier this month, the International Monetary Fund forecast a 7% contraction in Germany this year, on the back of the ongoing pandemic.
An automobile assembly line worker wears a protective face mask as Volkswagen AG restart production at their headquarter factory in Wolfsburg, Germany, on Monday, April 27, 2020. Volkswagen is restarting output at its Wolfsburg car plant, the worlds biggest, with a labor leaders warning that political fallout from the coronavirus pandemic could be more harmful than production disruptions.
"There has never been such a marked decline in the barometer itself, which will correspond to a rise in unemployment in Germany," the Ifo institute said in a statement on Tuesday.The Ifo's export expectations for manufacturing plummeted to -50.0 points in April, down from -19.0 points in March.
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