10-31-2024, 11:44 AM
A point of reference from Germany:
Germany narrowly avoids recession with slight Q3 growth
Ironically, that was better than they had expected.
This meager bit of good news was offset by other, not-so-good news:
In other words, virtually the same inflation level as us, but with near-zero economic growth.
Jobs? Unemployment?
And it’s not just Germany. There’s a reason that our economy keeps being referred to as “the envy of the world”.
Germany narrowly avoids recession with slight Q3 growth
Germany's federal statistics agency Destatis unveiled its quarterly estimate of the country's GDP on Wednesday.
The numbers showed a slight growth of 0.2% in the third quarter of 2024, following a second-quarter contraction of 0.1%.
Ironically, that was better than they had expected.
The figures came as a surprise as the government had been expecting a renewed slight decline after the second quarter output.
This meager bit of good news was offset by other, not-so-good news:
While the slight growth was welcome news in Germany, Destatis also said on Wednesday that inflation had risen slightly, from 1.6% in September — its lowest point for more than three years — back up to 2% for October, based on preliminary figures.
In other words, virtually the same inflation level as us, but with near-zero economic growth.
Jobs? Unemployment?
Destatis also released figures on unemployment, which remained almost unchanged compared to the previous month at around 2.8 million people, or 6%.
Andrea Nahles, head of Germany's Federal Employment Agency, said the usual autumn bump in employment figures "had failed to materialize this year."
And it’s not just Germany. There’s a reason that our economy keeps being referred to as “the envy of the world”.