Germany Ifo Business Climate rose to 94.6 in September, up from 94.3 and beat expectation of 94.5. Expectation Index dropped to 90.8, down from 91.3, missed expectations of 91.9. Current Assessment Index rose to 98.5, up from 97.3 and beat expectation of 97.0. Ifo noted that “the downturn is taking a breather” but “outlook for the coming months deteriorated again”.
Looking at the details, Manufacturing Index dropped from -6.0 to -6.4. Service Index rose from 13.0 to 16.6. Trade Index dropped from -2.4 to -3.7. Construction Index rose from 21.5 to 22.2. Ifo warned that manufacturing has “only one direction: downward” and “trade took another slide”.
