Ifo Business Climate for Germany softens in June 2008

From the survey:
The Ifo Business Climate Index for industry and trade in Germany has fallen significantly in June. The firms have assessed their current business situation clearly less favorably than in the previous month, and they are more skeptical regarding the six-month outlook. The sharp hike in oil prices is evidently becoming an increasing burden on the German economy.

In manufacturing the business climate has worsened significantly. The firms have assessed both their current situation as well as the six-month business outlook considerably less favorably than in May. They expect weaker stimulus from export business in the coming months, but despite the strong euro, they do not fear a slump in exports. Increases in employment will be weaker, according to the survey responses.

click to enlarge interesting graphic












source: Ifo Business Climate Germany
Ifo Business Survey
http://www.cesifo-group.de/portal/page/portal/ifoHome/a-winfo/d1index/10indexgsk