10/21, 5:04 PM (Source: TeleTrader)
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Bundesbank: Recession not yet apparent in Q3

The central German bank Deutsche Bundesbank reported on Monday that the "recession in the sense of a clear, broad-based and sustained decline in economic management with under-utilized capacity has not yet been apparent." Economic output decreased slightly in the third quarter of 2019 mainly regarding the weakening export-oriented industry.

In its monthly report Bundesbank wrote that the leading indicators have shown few signs of a recovery in the export economy and stabilization in the industrial sector. Industrial production increased significantly in August and rose by a seasonally adjusted 0.75% in comparison to the previous month. In July and August, average industrial production was lower than in the second quarter. The production of intermediate goods and consumer goods fell sharply, it added.

Employment has also slightly increased. In August, seasonally adjusted, 10,000 more people were employed compared with the previous month, the monetary institution said. Compared to the same month last year, employment increased by 333,000 workers.

Breaking the News / TF