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October 24, 2023
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Germany Flash PMI Composite 45.8 (consensus 46.7) in Oct-23

- Germany's Flash PMI Composite for October 2023 indicates a slight surprise weakening of economic activity.
- The Manufacturing PMI was almost as bleak as expected at 40.7, but the services PMI dropped to 48.0.

September 29, 2023
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Germany unemployment rate 5.7% (consensus 5.7) in Sep-23


- Germany's unemployment rate held steady at 5.7% in September 2023, aligning with consensus forecasts.
- Although the rate remained constant, it slightly surpassed the one-year average by 0.11%, hinting at a potential deterioration in the labor market compared to the previous year. The unemployment rate also stood significantly below the long-run average by 2.52%.
September 28, 2023
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Germany HICP inflation 4.34% y-o-y (consensus 4.7) in Sep-23



- Germany's HICP inflation in September 2023 registered at 4.34% year-on-year, slightly below the consensus forecast of 4.7%, indicating a slowdown in price growth.
- Despite the slowdown, the current inflation level remains elevated and significantly deviates from both the 1-year average (3.70 percentage points lower) and the long-run average (2.48 percentage points higher).
September 28, 2023
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Germany PMI Manufacturing 39.8 in Sep-23



- Germany's PMI Manufacturing improved to 39.8 in September 2023 from 39.1 in the previous month, indicating a modest recovery in the sector.
- While this is the highest level recorded since June 2023, the PMI remains below the threshold of 50, suggesting ongoing contraction and slower-than-expected recovery in manufacturing.

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