Reuters reports that German companies expect their total number of employees will continue to shrink, though the outlook for hiring has improved slightly in May after collapsing the previous month as a result of the coronavirus crisis, according to an Ifo institute survey.

The institute's employment barometer rose slightly to 88.3 points, up from 86.3 in April, helped by improving sentiment in the services and trade sectors. The manufacturing sector continued to report shrinking employment numbers.

Bright spots were in the fields of business and tax consultancy and auditing, where companies were seeking to hire new staff, as well as food and bicycle retail.