Germany’s IFO sees widespread layoffs in coronavirus crisis

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.

Key points

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.