Monday, Nov 24, 2008
And now for some Euro News
FT.com: German business confidence plummets
German business confidence has plummeted to lows not seen since the early 1990s in the latest evidence that Europe’s industrial powerhouse has suddenly been thrown into reverse.
The Munich-based Ifo index reported its business climate index had fallen much more sharply than expected from 90.2 in October to 85.8 in November, the lowest since February 1993.
It was the sixth consecutive monthly fall in the index, which is closely watched as an indicator of future trends in activity. Businesses’ expectations about the next six months were the weakest since the pan-German series started in 1991 – and for almost 50 years using data for former West Germany, economists said.
Posted by plato @ 11:32 AM (231 views) Add Comment
1 Comment
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1. matt_the_hat said...
Trust me everything is fine in Germany - you see a real economy skims the cream off in the good time (i.e. let the anglo-saxons get into debt), saves (budget surplus) then uses the savings in a downturn - no doubt growth will reverse but so what it had to and the Germans planned for it. Germanys are naturally pessimistic, but you won't see nowhere near the redundancies that will take place in UK Plc, because most German companies value their employees and are family owned. Whereas Tesco etc would just swat you like a fly.