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Recently, good surprises come from Germany. Two economic indicators last week, exceeded the expectations of economists. In this context, the unemployment figures expected on Thursday morning should be apparent downward. "Given the strong activity Germanic (…) a further improvement in the labor market is expected in June," noted analysts at Natixis AM.

Germany already has an unemployment rate significantly lower than the rest of the eurozone (7.7% against 10%). In France it was 9.9% and, taking account of persons in employment reduced the number of jobseekers rose by another 15,600 in June

The pulse of the German economy has accelerated in recent weeks. In July, the index of the Ifo business climate has experienced the largest increase ever recorded and moved closer to its record high of 106.2 points.According to business leaders surveyed, the situation has improved and the future looks brighter. "This should lead to upward revisions of growth forecasts in Germany," said Klaus Baader, an economist at Societe Generale CIB.

Another thermometer, the PMI purchasing managers also showed up, to 59.3 points against 56.7 in June The industry as services involved in this recovery. "The point to note is the change in the dynamics of the German economy," Harris says it Natixis AM bad credit payday advance."The acceleration in new orders recorded in the PMI / Markit is more the result of export orders, as in March and April, but reflects a more robust domestic demand."

Replenish stocks

German companies have indeed replenish their stocks before the summer break, their warehouses are empty. The services have taken advantage of this momentum. "In a country where manufacturing is strong and vibrant, the ripple effect is high for business services," said Gilles Moec, economist at Deutsche Bank.

The remainder of services, mainly composed of the distribution sector has regained its share of pre-crisis levels. "German consumers reopen their wallets," said the economist. Nothing to do with France, where consumption fell by 1.4% in June

But be careful not to get excited too quickly."The recent weakness of the U.S. indicators should be reflected in all likelihood with a lag in the euro area", warn economists at BNP Paribas. And coming slow the German economy, the economy in the Old Continent in the second half, according to the institute DIW, but still very dependent on exports.