Germany: "The recession is over."
The German economy could recover from the corona shock faster than many thought. Economists are optimistic due to promising signs. But they warn of premature cheers.Economists at leading financial institutions believe that the German economy is on a recovery course after the Corona slump. "The leading indicators make us optimistic," said Marc Schattenberg from Deutsche Bank in a survey by the dpa news agency. The second quarter, which marked the height of the corona crisis, was surprisingly robust. With regard to the latest indicators, Katharina Utermöhl from the Allianz Group said: "The recession is over." The German economy was no longer in intensive care. The situation remains critical, however, and setbacks cannot be ruled out.
The job market is surprisingly stable
Utermöhl expects an increase of 119,000 unemployed in July compared to June. With a total of 2,972 million unemployed, the three million euros would come close. Deutsche Bank economist Schattenberg even sees a seasonally adjusted figure just above the three million euros.The job market is surprisingly stable, said Niklasch. "It is likely that the seasonally adjusted increase in the number of unemployed in July will be only marginally around 50,000." In July there were again announcements of job cuts in the industry. "But the numbers passed around mostly extend over longer periods of time."
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