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Ifo: German Employment Barometer Deteriorates in June

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More German companies are planning layoffs amid persistent labor market weakness, the Ifo Institute said Friday.

The ifo Employment Barometer edged down to 92.3 points in June from May's 93.9 points. ifo head of surveys Klaus Wohlrabe noted that the country is "still a long way from a sustained recovery in employment."

The labor market in manufacturing "remains tense," while job cuts also dominate retail, wholesale and services. Only the construction sector plans to buck the trend by keeping staffing levels largely stable.

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