💥 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.
#recession … #GFC2 Germany #PMI edition
German #manufacturing 📉 🥶 https://t.co/oVWBizVrj9 pic.twitter.com/kTZvhHDQh5
— Invariant Perspective (@InvariantPersp1) September 2, 2024
Leading index of New Orders for German #manufacturing #PMI now in depression territory. 📉 👀https://t.co/rrABsg24Yc pic.twitter.com/MtVAD9imH2
— Invariant Perspective (@InvariantPersp1) September 2, 2024
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.