I reckon that headline sums it all up in Germany
Reuters with the headlines from the monthly German Finance Ministry report
- German economy remains on a solid growth path ... strong domestic demand boosted by record-high employment, rising real wages, low inflation rates and relatively cheap energy prices
- Despite the recent slowdown in the second quarter
- External risks have increased after the British decision to leave the European Union
- Higher exports, strong private consumption and increased state spending compensated for weaker investment in construction and machinery
- Finance Ministry said the economy would continue to grow due to
- Tax revenues of the federal government and the 16 states up 4.6 percent on the year in the first seven months of 2016
- The tax flow slowed slightly in July. But the ministry attributed this drop to special factors such as lower revenues from the duty on tobacco after three stronger months in the spring
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Oh and my apologies that this post is not about San Francisco Federal Reserve Bank President John Williams. I don't know what I was thinking.
