Encouraging News from the Ifo Survey? Nope.

Similar to last week's disappointing ZEW survey (see here), the German Ifo survey fell for the third time in four months in June.  The expectations component continues to be the weakest:



The services sector provides a more positive view; however, the outlook for future improvement in services isn't much more optimistic:




As we have seen with the other surveys (ZEW and PMI), the relationship with GDP does not send an encouraging message for continued strengthening of the economy.