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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
The IFO Employment Barometer declined for the third consecutive time in August, indicating that the softening in the German labour market suggested by recent hard data is set to continue. Specifically in the manufacturing sector, employment prospects are deteriorating further, so previous employment declines in the sector seem likely to intensify.
- The overall index value declined by 0.5 points to 94.8 in August - the lowest value since February.
- Across sectors, developments were again a bit mixed. Respective diffusion balances in manufacturing and trade fell further, by 3.8p to -13.9 and by 1.8p to -16.8. Construction saw some positive developments, reaching expansionary territory for the first time since May 2023 (+0.7p to 0.3), while services broadly stagnated, coming in at 2.7 points.
- In the trade industry, the barometer fell amid "a lack of customers in stores" - this would be in line with our view that data points towards weak summer retail sales ('Q2 GDP Methodology Reinforces Weak Retail Sales Signal', August 28).
- The positive hiring trend in the services sector "applies in particular to the IT sector and tourism".
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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