Good Morning from #Germany, where the labor market looks healthier than it really is. Headline employment is holding up, but productive jobs in manufacturing are disappearing. Growth is coming in state-funded sectors, while the country’s export engine keeps losing ground.

Good Morning from #Germany, where the labor market looks healthier than it really is. Headline employment is holding up, but productive jobs in manufacturing are disappearing. Growth is coming in state-funded sectors, while the country’s export engine keeps losing ground.… pic.twitter.com/aq4vsiyIkm

— Holger Zschaepitz (@Schuldensuehner) April 6, 2026