 · The IFO index for December
is out, but the detail awaits releases next week. The headlines and sector news tell us what we already knew and that is,
conditions are still deteriorating. The
Business climate and Current situation indices are still firm-valued as they reside at or near the three-quarters mark of their respective ranges. The outlook index is less upbeat as it resides at the one-third mark. If we were assigning grades it would be
'Cs’ for climate and current and a ‘D’ for expectations. The IFO gauge has slipped more rapidly that it did in the 2005 episode.
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