German business sentiment fell for the fourth straight month in August, the Ifo Institute said Monday, tumbling to its lowest level since March 2010.
The business climate cooled down considerably in both retailing and wholesaling, said Ifo, which surveys about 7,000 German businesses to arrive at its monthly figures. Retailers assessed both the current business situation and their future business outlook far more unfavorably than last month. The wholesalers surveyed reported a similar picture. Assessments of the current business situation weakened significantly and expectations declined for the sixth month in succession.
The business climate indicator in construction dropped slightly. The construction firms surveyed reported a small improvement in their current business situation, but their six-month business outlook continued to deteriorate.