BERLIN (Dow Jones)–The business climate in the German auto industry has cooled slightly, according to the Ifo Institute for Economic Research. As can be seen from the Ifo economic surveys, the indicator fell to minus 16.1 points in October from a seasonally adjusted minus 14.6 points in September. “The companies in the German auto industry rate their current business situation as significantly worse than in the previous month,” said Ifo industrial economist Anita Wölfl. The situation indicator for the German automotive industry fell to 9.2 points in October, after a corrected 20.3 points in September.
According to the information, expectations for the coming months have improved slightly – although at a still low level: the indicator has therefore risen from a corrected minus 44.0 points to minus 38.4 points. This is accompanied by a somewhat more confident assessment of orders: the range of orders falls slightly from 7.5 to 6.2 months. “However, the automotive industry’s order backlog is still quite high on a long-term average,” said Wölfl. In addition, significantly fewer companies see the lack of orders as an obstacle to production than was the case when the last data was collected in July.
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November 02, 2023 03:13 ET (07:13 GMT)