Independent workers tend to be more hopeful regarding financial advancements.
The outlook for independent and small businesses seems to be brightening up a bit. In a report published by the Munich Ifo Institute in partnership with online service provider Jimdo, the business climate index reached -11.8 points in May, which is an improvement from April's -13.8 points. Although self-employed individuals are still slightly underwhelmed by the current situation, they're feeling better overall compared to the previous month.
The optimism extends to future expectations as well, although there are still some doubts. Katrin Demmelhuber from Ifo explains, "Self-employed individuals are becoming more hopeful that they've passed through the economic slump." This sentiment is especially strong in the consulting and architecture and engineering industries, which have experienced positive growth.
While the increase in the business climate index is positive, Jimdo CEO Matthias Henze cautions that it's not yet a clear sign of recovery. "All three indicators that make up the business climate are still negative, and they're significantly lower than the overall economy," he said.
