Thursday, September 6, 2012

Germany Slides Into Recession

Not with a bang, but with a wimper...

German services collapsed in August to their worst reading since July 2009 and the composite index for the country moved deeper in contraction at 46.3. It now has become clear that the slow-down in economic activity in the Eurozone is biting the export giant.
So much talk in the US about growing through exports, we need to look at how well that's working out for Germany.  You can't export if your trading partners have no money and no stomach for debt.  The entire Eurozone is swirling the bowl, Germany's just closest to the rim at this point.  But the rotation is picking up speed...

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