Services: business climate unchanged

The Ifo Business Climate Indicator for the service sector (excluding trade, banking, leasing, insurance and the public sector) remained at the previous-month level in June. The surveyed service providers were somewhat more dissatisfied with their current business situation. Turnover was lower than in the comparable previous-year month, and the companies expect turnover to decline slightly in the near future. With regard to the outlook for the coming half year, the survey participants were not quite as critical as in May, but they do not yet expect any major improvement. They are planning staff reductions somewhat less frequently.