By Emese Bartha
FRANKFURT--German business sentiment worsened again in August, underpinning views that the country's economic powerhouse is currently moving toward a recession.
The Ifo business-climate index fell to 94.3 points in August from a revised 95.8 points in July, the Ifo Institute said Monday. The print, the lowest since November 2012, missed economists' forecasts of 95.1 points in Dow Jones Newswires' survey.
Companies' expectations fell to 91.3 points in August from a revised 92.1 points in July, hitting the lowest figure in more than 10 years.
"German CEOs' worry lines are getting deeper," the Ifo Institute said. It said companies were once again "much less satisfied" with their current business situation.
"Pessimism regarding the coming months also increased," it said. It said "there are ever more indications of a recessions in Germany."
The Ifo result is based on a poll of about 9,000 companies in manufacturing, services, trade and construction.
Write to Emese Bartha at firstname.lastname@example.org
(Hans-Joachim Koch in Frankfurt contributed)
(END) Dow Jones Newswires
August 26, 2019 04:39 ET (08:39 GMT)
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