“Germany is catching up with the rest of Europe. Most components of the economy increased: private consumption was quite healthy and there was a pick-up in export activity.”
“I still expect a strong rise in unemployment in January and I think we won't see any real improvement until the end of next year or even the start of 2003.”
“In our view it was a rather positive surprise. At least it gives the ECB some leeway to remain on hold over the summer months, but over the medium term it still suggests that they will bring up interest rates further.”
“The November seasonally adjusted figure was much better than we expected, but this will probably be only a temporary slowdown in the rise in jobless numbers and does not mark the start of a turnaround.”
