Today’s Pulse for Germany suggests that the economy is doing even less well than the already diminishing expectations. But on closer inspection, it does not look half so bad. In fact, some indicators such as the Ifo climate index and manufacturing orders are showing signs of stabilising, albeit at a low level. Consumer confidence recorded losses for a second month in a row. However, also in this case, the assessment of the economic climate showed signs of stabilisation. Finally, the worst negative surprise came from unemployment, rising in May for the first time in five years. The weak economic environment may have played the role. But the main reason was an inspection carried out by the Federal Audit Office which unearthed 30k to 40k more unemployed than previously reported. Again an example of German thoroughness.
Index Allemagne
