Service sector: Business Climate Indicator Falls

After its recovery last month, the Ifo Business Climate Indicator for the German services sector (excluding trade, banking, leasing, insurance and the public sector) fell. Service providers were no longer as satisfied with their current business situation as last month, but expect turnover to increase moderately in the near future and plan to slightly grow their staff base. As far as their six-month business outlook is concerned, service providers expressed far less confidence than in May.