{"id":143394,"date":"2021-11-01T17:27:36","date_gmt":"2021-11-01T17:27:36","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143394"},"modified":"2021-11-01T17:27:36","modified_gmt":"2021-11-01T17:27:36","slug":"german-business-confidence-weakens-for-fourth-straight-month","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/german-business-confidence-weakens-for-fourth-straight-month\/","title":{"rendered":"German Business Confidence Weakens For Fourth Straight Month"},"content":{"rendered":"
German business<\/span> confidence weakened for the fourth consecutive month in October to hit a six-month low as supply bottlenecks weighed heavily on expectations, survey results from the ifo Institute showed on Monday. <\/p>\n The business confidence index fell more-than-expected to 97.7 in October from revised 98.9 in September. The expected level was 97.9. This was the lowest since last April.<\/p>\n The current situation indicator came in at 100.1, down from 100.4 a month ago and below the economists’ forecast of 99.4.<\/p>\n The expectations index dropped to 95.4 from 97.4 in the previous month. The reading was forecast to fall to 96.4.<\/p>\n Supply problems are giving businesses headaches, Clemens Fuest, ifo President said. Sand in the wheels of the German economy<\/span> is hampering recovery.<\/p>\n “The fourth successive monthly fall in the Ifo Business Climate Index provides more evidence – if it were needed – that supply side disruption is causing the German economy to slow sharply and suggests that the problems are extending beyond manufacturing,” Andrew Kenningham, an economist at Capital Economics, said. <\/p>\n The economist expects the economy to do no more than tread water in the last three months of the year. <\/p>\n In manufacturing, the business climate index fell once again. Companies were somewhat less satisfied with their current business and their expectations were also clouding further. <\/p>\n In the service sector, the business climate worsened again after a recovery in the previous month. Companies were considerably less optimistic about the coming months. However, their assessments of the current business situation were slightly improved. <\/p>\n In trade, business confidence weakened considerably in October. Businesses were notably less satisfied with their current situation and were more pessimistic about the coming months. Supply bottlenecks were weighing on sentiment. <\/p>\n In construction, the business climate improved further in October. Companies’ assessments of their current situation were a little better. Moreover, the expectations index rose for the sixth consecutive time. <\/p>\n