Coronavirus is directly hitting earnings of German industrial firms: Ifo

FILE PHOTO: A worker controls a tapping of a blast furnace at Europe's largest steel factory of Germany's industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. REUTERS/Ina Fassbender/File Photo

BERLIN (Reuters) - The earnings situation in Germany’s mighty industrial sector is only improving slowly and the coronavirus crisis is still directly hitting the earnings of industrial firms, Germany’s Ifo institute said on Thursday.

Ifo said its indicator for industrial firms’ earnings was at -32 points in September, a slight improvement from -43 points in May, when Ifo last asked companies about their earnings.

Reporting by Michelle Adair; Editing by Riham Alkousaa