What's going on in German manufacturing is very bad. Headline manufacturing PMI (black) and forward-looking orders - inventories (blue) are worse than at the height of the energy shock in 2022. A sign that the energy shock is far from over and is weighing on "Standort" Germany... pic.twitter.com/05WkOQF4OA

— Robin Brooks (@robin_j_brooks) July 24, 2023