German business morale fell for the second month running in August.
That's according to new numbers out Wednesday (August 25).
The Ifo Institute's business climate index hit 99.4 - below analyst expectations of 100.4.
Ifo President Clemens Fuest blamed supply bottlenecks in manufacturing and worries about a renewed health crisis.
He said concerns were growing over the hospitality and tourism sectors in particular.
Data out the day before showed the economy grew more than expected in the second quarter.
That after consumers spent record savings piled up during the winter lockdowns, and the state pushed on with a huge stimulus program.
But authorities have warned of a fourth wave of infections during the autumn, which has made the business community nervous.
Ifo said the outlook for later this year was concerning, with 70% of industrial businesses complaining about supply chain bottlenecks.