In the latest survey by the Ifo Institute Self-employed people are revising their assessment of their current situation downwards. The index fell to -16.2 points in October, down from -14.4 in September. The outlook for the coming business months was also more pessimistic. The Ifo expert Katrin Demmelhuber explained:
“The lull in orders and sales development continues.”
Thus, the mood among the self-employed developed in October in contrast to the overall economy. The business climate there improved for the first time since April. According to Demmelhuber, one in six self-employed surveyed currently sees their economic existence threatened. This is more than twice the proportion of the overall economy.
A look at the individual sectors shows that the improvement in the business climate from the previous month in retail did not continue. Apart from IT service providers and creative professionals, the business climate indicator declined in all service sectors in October.
Since August 2021, the Ifo Institute has been calculating the Jimdo-Ifo Business Climate Index for the Self-Employed. The index includes both self-employed individuals and micro-enterprises with fewer than nine employees. As in the overall index, all sectors are represented, but the focus is on the service sector.
The detailed results of the economic surveys are available on the Ifo Institute’s website.
