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UK Consumer Sentiment Hits Lowest Reading since 1996
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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Louise Curley December 17, 2012 German manufacturing is beginning to feel the effects of the slowdown in the rest of the Euro Area. Data released today and shown in Haver's GERMANY database show that employment in the manufacturing industry dropped in October to 5,254 thousand from 5,261 in September, the first drop this year. The October decline in employment was, however, partly offset by an increase in hours worked. Hours worked increased to 706 million in October from 656 million in September. The main cause of the decline in employment has been the slowdown in the year to year increases in sales, as can be seen in the first chart.
Data on German wages and salaries for all industry were also released today and are shown in the second chart compared with the comparable data for manufacturing. Because of the importance of manufacturing in the German economy, the series for the total industry is not too different from that of manufacturing alone. Although both series show a small increase in October, they remain well below the peak reached in May of this year.
Germany Manufacturing | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
2012 | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | |
Employees (Thous) | 5254 | 5261 | 5257 | 5228 | 5201 | 5192 | 5188 | 5185 | 5173 | |
Hours Worked (Mil) | 706 | 657 | 655 | 680 | 664 | 666 | 643 | 645 | 694 | |
Sales (Bil EUR) | 142785 | 138824 | 132008 | 139699 | 141424 | 138153 | 130784 | 150885 | 133875 | |
Sales (Y/Y%) | 5.76 | -6.95 | 0.41 | 3.91 | 5.52 | -4.02 | 1.32 | 1.07 | 5.53 | |
Wages & Salaries (Mil EUR) | 19018 | 18480 | 18675 | 19235 | 21070 | 21350 | 20151 | 18864 | 17874 | |
Wages & Salaries (Y/Y%) | 5.40 | 4.30 | 5.19 | 5.13 | 6.00 | 7.29 | 5.15 | 4.75 | 5.23 |