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Feeling good in Germany

Just ran across this monthly survey of about 7,000 firms in Germany in the manufacturing, construction, wholesaling and retailing industries. The survey asks for their assessment of the current business situation and their expectations for the next six months. I hadn't updated my chart for awhile, and was impressed with how strong the index has been this year. The index in this chart has a correlation to German GDP growth of about 0.7, so it is a pretty good indicator of how healthy conditions are in the core of Europe. The German economy has grown 3.7% in the year ending last June, more than the 3.0% recorded for the U.S. economy.

What's good for Germany can't be bad for us.

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