The German economy is still in a phase of stagnation. Declining incoming orders and a generally weak order situation are putting a damper on the export-orientated German Industry. According to the GfK Con-sumer Climate Index, despite falling inflation leading to a marked increase in purchasing power combined with higher real earnings, the mood in private households has worsened. For the first time since March 2021, the August inflation rate at +1.9% fell below the targeted 2% level.