The weakness is spreading. German manufacturing employment has been falling 3 out of past 5 months. And it isn't "just" the energy-intensive sectors anymore. 17 out of 24 major NACE sectors are contracting. But strength in a few sectors limits overall fall to 0.1% over past 3M. t.co/5Vk8YK2UbR pic.twitter.com/rZFTxtMVl0
— Oliver Rakau (@OliverRakau) October 16, 2023
oopps… pic.twitter.com/oqWOGlKSZv
— Oliver Rakau (@OliverRakau) October 16, 2023
Higher #labour costs are starting to be absorbed by firms' margins, as unit #profits declined in 3Q2023. #ECB hawks are running out of excuses to keep the threat of further hikes credible amid faster #disinflation – chart @TS_Lombard pic.twitter.com/to1ndmkN8C
— ACEMAXX ANALYTICS (@acemaxx) October 16, 2023