The downward trend in the ifo business climate has stopped, the Munich economic researchers write. In fact, the overall index remained unchanged for the first time in May after five consecutive declines. However, this is not a signal for an all-clear. Because the most important component - the expectations directed towards the future - continue to fall;
In the manufacturing sector - which has always been an indicator for the trend in the global economy due to its heavy reliance on exports - expectations continue to decline almost unchecked (the blue line in the chart below indicates expectations).