Unexpectedly expansionary fiscal policy undermines monetary policy and supports US economic growth. Eurozone: Economic momentum continues to weaken, but consumption could provide slight support. China: The renewed weakness in the real estate sector is likely to further dampen economic growth.

Chart of the month

graphic shows Delinquency rates of US consumer loans

Survey values from German companies have recently deteriorated further. While manufacturing, construction and retail have been slowing for some time, pessimism is now spreading in the services sector as well. According to the ifo survey, business sentiment in this sector was negative in August, with both the current situation and expectations deteriorating. The Purchasing Managers’ Index for service providers for August reflects this downturn and is now well below the 50-point growth threshold. It looks increasingly likely that Germany will continue to post negative growth figures in the second half of the year.

This may also be of interest to you

Research Reports

Emerging-3840x2160

Emerging Markets

Perspectives Emerging Markets Annual outlook 2024

21.12.2023

Research Reports

Finanzen-3840x2160

Financial Markets

Perspectives Financial Markets annual outlook 2024

21.12.2023

Research Reports

Konjunktur-3840x2160

Economics

Perspectives Economics annual outlook 2024

21.12.2023

Research Reports

Konjunktur-3840x2160

Economics

Perspectives Economics November/December 2023

09.11.2023