ZURICH (MaceNews) – A more pessimistic outlook among German business in August pulled the Ifo Business Climate Index below 100 and was weaker than expected, according to the latest results from the Ifo Institute in Munich.
The Business Climate Index fell to 99.4 from 100.7 in July, below the Econoday median of 100.4, amid supply bottlenecks for intermediate goods and “worries about rising infection numbers are putting a strain on the economy,” Ifo President Clemens Fuest said in a statement accompanying the release.
Current conditions improved during the reporting month with the index rising a point from July to 101.4 and beating the Econoday median of 100.8.
While the current situation was judged more favorably in August than the previous month, expectations fell to 97.5 in August, well short of the Econoday median forecast of 100.0, and well below the July reading of 101.0
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