Archive

Germany PMI manufacturing 38.8 (consensus 41.0) in Jul-23

- Germany's PMI manufacturing recorded an even more substantial decline in July 2023, with a reading of 38.8, contrary to the consensus of 41.0.
- The decline in PMI manufacturing is a cause for concern and may be influenced by factors such as supply chain disruptions and weakening demand.

Germany: Baerbock in A China Stop?

• Germany’s long-awaited China strategy, launched last week, talks tough. But Foreign Minister Annalena Baerbock looks likely to be outgunned on its implementation by a combination of more cautious cabinet colleagues and German corporate leaders overestimating their leverage in China.

By Alastair Newton

Germany ZEW -14.7 (consensus -10.0) in Jul-23

- Germany's ZEW indicator recorded a substantial decline of 14.7 points in July 2023, below market consensus expectations, indicating a more pessimistic economic outlook.
- While slightly higher than the one-year average, the indicator remains significantly below the long-run average, highlighting a relatively negative sentiment compared to historical norms.

Germany unemployment rate 5.7% in Jun-23

- Germany's unemployment rate in June 2023 reached 5.7%, the highest level since June 2021 and 0.18 percentage points above the one-year average.
- However, it remains 2.54 percentage points below the long-run average, indicating ongoing challenges in the German labor market.