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German business morale improves despite virus uptick

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'The German economy is stabilizing despite rising infection numbers,' says Ifo president Clemens Fuest.

German business confidence climbed further in September, a closely watched survey said Thursday, September 24, despite coronavirus cases notching up in Europe's biggest economy.

The reading has now recovered close to the level of the same month last year, when it was 94.8, suggesting a remarkable economic turnaround after economic output plummeted in the spring. Indications show industrial and construction sectors saw noticeable improvements in sentiment in September, according to the survey, although the service sector index fell as the outlook became gloomier.

 

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