German business morale falls in October

Supply bottlenecks weighing on factory output led to German business morale falling for the fourth straight month in October.

The Ifo institute said on Monday (October 25) that its business climate index slumped to 97.7 from an upwardly revised 98.9 in September.

The reading was the lowest since April and undershot forecasts in a Reuters poll.

Ifo economist Klaus Wohlrabe said Germany's economy is facing an uncomfortable autumn.

With current supply chain problems affecting retail stores expected to impact the holiday season

The government is expected to slash its economic growth forecast for this year on Wednesday, after leading institutes last week cut their joint forecast to 2.4% from 3.7%.

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