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Low use of shortened work hours points to mild German recession – Ifo
Global Banking and Finance Review
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BERLIN (Reuters) – Low take up of a government-backed ‘Kurzarbeit’ shortened hours facility points to a “very mild” recession in Germany this winter, the Ifo economic institute said on Wednesday.
BERLIN (Reuters) – Low take up of a government-backed ‘Kurzarbeit’ shortened hours facility points to a “very mild” recession in Germany this winter, the Ifo economic institute said on Wednesday.
In December, the number of workers on shortened hours eased to 186,000 from a seasonally adjusted 188,000 in November, Ifo said, citing estimates it based on data from the Federal Employment Agency.
“The fact that short-time work remains at a low level seems to indicate that the expected winter recession will be very mild,” Ifo researcher Sebastian Link said in a statement.
(Writing by Paul Carrel; Editing by Maria Sheahan)
A recession is a significant decline in economic activity across the economy that lasts for an extended period, typically visible in GDP, income, employment, manufacturing, and retail sales.
Gross Domestic Product (GDP) measures the total economic output of a country, representing the value of all goods and services produced over a specific time period.
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