May 11, 2020 / 5:38 AM / 15 days ago

Germany's Ifo institute sees widespread layoffs in coronavirus crisis

FILE PHOTO: The cyclist rides past the skyline with its banking district during sunset in Frankfurt, Germany, April 29, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Many German industries are cutting jobs as a result of the coronavirus crisis, Germany’s Ifo institute said on Monday, specifying that 39% of automotive companies, 50% of hotels, 58% of restaurants and 43% of travel agencies had shed staff in April.

“From now on, the crisis will have an impact on the German labour market,” said Klaus Wohlrabe, head of surveys.

Higher than average layoffs were also being made in many other sectors but none in pharmaceuticals, the institute noted.

Geographically, the Bavaria and Baden-Wuerttemberg states were worst hit while there were far fewer redundancies in Saarland and Rhineland-Palatinate.

Reporting by Vera Eckert, editing by Scot W. Stevenson

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