Tuesday, August 26, 2008

Ifo business climate index for Germany worsened further in August 08

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

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