‘Almost all sectors are considering job cuts’ – German bankruptcies growing by double digits

By Free Republic | Created at 2024-12-21 14:36:00 | Updated at 2024-12-22 01:11:19 10 hours ago

‘Almost all sectors are considering job cuts’ – German bankruptcies growing by double digits
Remix ^ | December 19, 2024

Posted on 12/21/2024 6:19:30 AM PST by george76

The German economy continues to reel under the ruling far-left government..

Germany’s economy continues to tumble, with the Ifo Employment Barometer falling to its lowest level in four years, matching the coronavirus low of 2020. Meanwhile, bankruptcies are growing by double digits

Germany’s economic crisis is defined by a lack of orders, high labor and energy costs, and high regulation, which has led companies to cut staff and delay hiring, leading to the Munich-based Ifo indicator to fall to 92.4 in December, after hitting 93.3 in November. The data used is gathered from a survey of managers across Germany.

“Fewer and fewer companies are adding staff,” said Klaus Wohlrabe, who leads Ifo surveys. “In contrast, the proportion of companies that want to cut jobs is increasing. Almost all sectors are considering job cuts.”

...

Germany's economy is in dire straits with national elections just two months away.

The Christian Democratic Union (CDU) leader, Friedrich Merz, notes that under Scholz, the German economy achieved a new milestone: 2 years in a row of recession.

...

In particular, the auto industry and its suppliers have been the hardest hit. However, it is not just manufacturing. Retailers are also planning to reduce staff instead of hiring.

“While tourism is hiring, personnel service providers and the hospitality industry are cutting jobs,” said Wohlrabe.

The Federal Statistical Office also announced that bankruptcies continue to rise, with the number jumping 12.6 percent in November compared to the same month last year.

The data shows that year-over-year growth rates of insolvencies have remained in the double-digit range since June 2023, with only one month serving as an exception when it was in the single digits.

...

AfD co-leader Alice Weidel calls German Chancellor Olaf Scholz the "chancellor of decline" to his face.

🔺500,000 jobs lost since Scholz became chancellor 🔺Auto supplier ZF will cut 14,000 jobs 🔺SAP will cut 10,000 🔺Ford 4,600 🔺Bosch 3760

And the list goes on

...

Leading economic forecasters and even the government acknowledges that Germany will shrink for the second year in a row.

“A sustainable economic turnaround is not yet foreseeable,” reads the latest monthly report from the Federal Ministry of Economics.

Not only is economic uncertainty high due to the usual factors, but the threat of tariffs are also looming from the United States. President-elect Donald Trump is promising to hit Europe and China with tariffs as high as 25 percent, with Germany expected to suffer greatly if such tariffs are put in place.

TOPICS: Business/Economy; Germany; News/Current Events; Politics/Elections
KEYWORDS: economiccrisis; economy; german; germaneconomy; germany

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1 posted on 12/21/2024 6:19:30 AM PST by george76

To: george76

Sounds like they need their own Drumpf.

2 posted on 12/21/2024 6:20:30 AM PST by Bernard (Issue an annual budget, And Issue a federal government balance sheet. Let's see what we got.)

To: george76

Europe needs to grow up. They’ve been on the wrong path for a very long time.

To: george76

Leftists destroy everything. Absolutely everything. Spreading misery and hate everywhere they go.
They are children that should never be allowed in a position of power in any role.

4 posted on 12/21/2024 6:24:43 AM PST by vpintheak (Sometimes you’re the windshield, sometimes you’re the bug. )

To: Bernard

Welfare for lazy illegal aliens, jihad Islamic invasion of illiterate moslems, climate change fools, and ..

5 posted on 12/21/2024 6:24:48 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

To: george76

6 posted on 12/21/2024 6:27:20 AM PST by Uncle Miltie ("Israel will just have to ... kill more Christians” - FR's own "nitzy")

To: ClearCase_guy

Europe needs to grow up. They’ve been on the wrong path for a very long time.

Basically, since the end of WW2. George Orwell wrote 1984 in 1948 and he just reversed the last two digits.

To: george76

Folks,

this is serious for us. Our economy IS THE GOVERNMENT, sad to say. We can’t chop off everything. It will be a slow weaning process. It will take our understanding that many small advancements over the next generation is needed.

8 posted on 12/21/2024 6:30:14 AM PST by PeterPrinciple (Thinking Caps are not longer being issued, but there must be a warehouse full of them somewhere)

To: george76

That “Green” energy plan is working perfectly, right comrade?

9 posted on 12/21/2024 6:32:20 AM PST by Lockbox (politicians, they all seemed like game show host to me.... Sting)

To: george76

Arbitrary rules and regs put in place by liberals have outgrown their roles. At least in my little pea brain. A lot carrying the weight of law and ruining peoples lives and bankrupting folks that try to fight them for common ground......It ain’t right. 🙏😊👍

🎅

10 posted on 12/21/2024 6:32:58 AM PST by rktman (Destroy America from within ? Check! WTH? Enlisted USN 1967 to end up with this💩? 🚫💉! 🇮🇱👍!)

To: george76

Germany is socialist. They're actually serious about "climate change" but they got rid of their nuclear plants.

At least in France, they have nuclear power.

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