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Economy in Brief

· All main sectors in Germany are showing a loss in momentum in July…· Germany’s services sector has sharply tailed off in July as all sectors except construction ease in July. Construction and retail remain as the main lagging sectors with readings in each of these sectors in more moderate positions of the historic ranges.  The overall and MFG pictures still show readings in the 90th range percentiles. The services sector is in the 85th percentile; wholesaling is in the 75th percentile.  In short the IFO survey shows some but small and creeping erosion in Germany. We may be better able to pin it out when the IFO provides the details in about a week’s time. For now the weakness in the service sector is leading the drop off an erosion that does not help us to name the culprit doing the damage to the outlook or to current conditions.  
Summary of IFO Sector Diffusion readings
  Current Last Mo Since Jan 1991*
  Jul-07 Jun-07 average Median Max Min range % range
All Sectors 12.0 13.2 -8.8 -9.5 16.6 -30.6 47.2 90.3%
MFG 23.5 23.9 -1.1 0.3 27.5 -35.5 63.0 93.7%
Construction -15.3 -16.1 -29.3 -32.2 0.3 -50.7 51.0 69.4%
Wholesale 8.1 14.2 -14.8 -16.5 23.3 -39.6 62.9 75.8%
Retail -5.4 -5.0 -14.9 -14.8 21.2 -40.2 61.4 56.7%
Services 22.0 26.0 8.3 7.8 28.5 -15.7 44.2 85.3%
* May 2001 for Services          
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