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December 04
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 German companies' willingness to hire declined in September as firms focused on retaining skilled workers amid worsening economic conditions, the Ifo economic institute said.

Ifo said the employment barometer fell to 99.5 points in September from 100.9 points in August, although companies are still looking for new hires, especially in services. Amid the economic downturn and a shortage of skilled workers, companies are primarily focused on retaining their employees, the institute said.

Ifo said earlier that Germany's economy is heading for recession due to a stronger-than-forecast drop in business confidence across all sectors as Germany struggles to avoid gas shortages this winter.

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