German Business Climate Index falls for fourth consecutive month

The Ifo Business Climate Index for industry and trade in Germany falls from 108.0 points in July to 106.3 points in August, marking the fourth decrease in succession, the Ifo institute announced Monday.
Ifo President Hans-Werner Sinn said surveyed firms are again less satisfied with their current business situation and are more sceptical than in the previous month about the further course of business.
"The German economy continues to lose steam," he said.
The newly released report by Ifo showed that most index figures see a fall in August.
The index in manufacturing fell to its lowest level since July 2013. In wholesaling, the index fell to its lowest level in a year. And the business climate deteriorated significantly in retailing.
Only the index in construction saw a slight rise. The construction companies are slightly more optimistic regarding the business outlook, according to the Munich-based think tank
The Ifo Business Climate Index, considered as one of the most important barometers for the German economy, is based on about 7,000 monthly survey responses from firms in manufacturing, construction, wholesaling and retailing.