Procter & Gamble Implements Hiring Freeze – Report

The FINANCIAL — Consumer products company Procter & Gamble has implemented a companywide hiring freeze, German daily Financial Times Deutschland reported Monday, citing an unidentified German company spokesman. From Borsa Italiana – London Stock Exchange Group.

The company blames the difficult economy for the measure, the newspaper said. "The market development globally is not what we expected a year ago," the spokesman told the newspaper. While the German operation performs well, the company's business in the rest of Europe and in the U.S. is seeing a considerable slowdown, while in Asia growth is less than expected, the newspaper said.