Low use of shortened work hours points to mild German recession – Ifo

Low use of shortened work hours points to mild German recession - Ifo

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)

Powell Highlights The Importance Of Feds Independence For Price StabilityThe Bullish Set up for Ethereum ContinuesGold Price Forecast – Gold Markets Continue to Show ResiliencySHIB Bulls Eye a Return to $0.00000960 to Target $0.000010ETH Bulls to Leverage off Shanghai Hard Fork Chatter to Target $1,400GBP to USD Faces a Test at $1.2190 as Softer US Inflation Bets RiseLoadingLoadingLoading