German business confidence dropped in September for the third consecutive month.

The Munich-based Ifo Institute said Monday that the decline showed German companies were skeptical about the future and not looking for any external boost to the German economy.

The drop was not as much as had been expected, but still reflected concerns about the eurozone debt crisis and the slowdown of the U.S. economy.

The Ifo Institute conducts a monthly survey of 7,000 German companies to compile the confidence index.