Commerzbank: No Clear Signs of Economic Recovery in Germany Yet

Golden Ten Data reported on March 11 that Ralph Solveen from Commerzbank stated in a report that the German economy is still waiting for clear signs of recovery. Business sentiment has generally improved recently, and PMI shows that both the manufacturing and service sectors are in expansion territory. However, these surveys were conducted before the outbreak of the Iran war. Meanwhile, core industrial orders declined in January, and the data for December was revised downward. "So far, the hard data only shows that the downward trend in the industrial sector has ended; there are no signs of recovery yet." The construction sector has been recovering, but both PMI and order data indicate relatively weak signals. The retail sector also seems to show no signs of imminent rebound, with sales having basically stagnated since last spring.