German Federal Ministry of Economy and Energy said the economy will “remain subdued for the time being”. And data indicates continuation of “two-part development” as services support growth but manufacturing is in decline. Meanwhile, there are also two parts in manufacturing, paralyzing industry and booming construction.

The ministry also noted “the first signs of the economic slowdown are evident in the labor market: employment continues to grow, but the lower momentum is solidifying. Unemployment increased in May, not just because of special factors.”

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