It's not a jobless recovery.

However, a German job wonder is definitely not in the offing. We expect the current upswing to already lose some momentum in the spring.

These are very, very bad numbers. There is a risk that private consumption may have shrunk for a fourth consecutive quarter, which would be a new negative record.

In exchange for getting the chancellery, the conservatives will have to make compromises in personnel,

People are expecting that they will be paying for the restructuring of the social system, and that is probably showing up in the numbers.

In addition, they reduced debt heavily last year which makes them more flexible,