Wholesaling: burgeoning scepticism regarding the business outlook

The business climate in wholesaling cooled considerably in August. Participating wholesalers in the Ifo Business Survey were significantly less satisfied with their current business situation. Moreover, in the expectations for the coming months, the sceptical responses held the balance for the first time since July 2013. The firms reported increased overstocking and plan to limit their order activity. Their employment plans point, on balance, to a slight reduction in the workforce.