More awful news about the German economy

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💥 August saw an even steeper drop in incoming orders, killing off any hope for a quick bounce back.

💥 Inflows of new work posted the steepest decline since November last year.

💥 August saw faster reductions in both backlogs of work and employment, pointing to spare capacity at factories.

💥 Goods producers were therefore less optimistic about their growth prospects for the year ahead.

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There have been some concerning developments in the German economy recently. For instance, Volkswagen is facing potential plant closures and a showdown with unions over cost-cutting measures. Additionally, while the DAX index has hit an all-time high, the overall economy is struggling, no longer in a growth mode.