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Ifo: Pace of German Job Cuts 'Somewhat' Decelerates in May

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More German companies are still planning layoffs amid "weak" economic development, but the job cuts "somewhat" slowed in May, the Ifo Institute said Wednesday.

The ifo Employment Barometer edged up to 93.9 points in May from April's 91.4 points. However, ifo head of forecasts Timo Wollmershäuser noted that companies "remain cautious in their personnel planning."

While manufacturing, retail and wholesale continue to shed jobs, the service sector recovered from the prior month's slump. Meanwhile, labor market conditions in logistics and tourism are still "difficult," and the construction industry's situation was "virtually unchanged."

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