May 31, 2006
PONY HUNT:
German figures suggest recovery (BBC, 5/31/06)
[S]ales were 1% lower in real terms on a year-by-year basis, in contrast to analysts' expected 0.6% rise. [...]Unemployment was down to 11% in May, compared to 11.3% in April, according to seasonally-adjusted figures from the Federal Labour Agency.
One of the factors prompting greater job opportunities is the World Cup, both for employment in services and construction, the agency said.
However, while Germany's economy seems set for a recovery, data for France was not as positive.
Consumer confidence for May declined to a net -30, according to INSEE, France's National Statistics Office.
"We have extremely weak confidence and the only thing that could be a catalyst to help this would be a change in government," said Emmanuel Ferry, economist with Exane BNP Paribas.
Posted by Orrin Judd at May 31, 2006 8:16 AM
-30? And our papers say the US economy shows some trouble ahead because our consumer confidence is down to...103.
Posted by: KRS at May 31, 2006 11:41 AMAt what point do people stop paying taxes? When the chart hits (-)50? When do they simply not go to work?
Posted by: ratbert at June 1, 2006 11:50 AM