As the graph below shows both current assessment and expectations for businesses in Germany have further weakened. The business cycle clock for the manufacturing industry is deep in a downswing and approaches dangerously close recessionary territory. The euro nose-dived on the news selling off more than 1 cent on the U.S. dollar.
Here is the report.
click to enlarge
source: Ifo Business Survey August 2008
Ifo Institute for Economic Research, Munich http://www.cesifo-group.de/portal/page/portal/ifoHome/a-winfo/d1index/10indexgsk
Tuesday, August 26, 2008
Ifo business climate index for Germany worsened further in August 08
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