The Toll Index for the month of November is just out (download the data from the IDSC of IZA) and shows a seasonally expected, slight drop, month on month partly accounted for by the working days difference (21 working days in November vs 22 in October 2013). Overall though the Toll Index shows an exceptionally high, heavy transport activity in the month of November (best November since at least 2007) reenforcing a late pattern and indicating that German manufacturing and the German economy as a whole may be closing the year on a fireworks note (we expect the BMWi to announce a strong Produktionsindex in about 3 weeks time). If we didn’t know better and if we wanted to poke the German political elite a bit we would say that the lack of government did not exactly harm the economy. It remains to be seen of course what the effect of the new government on the economy will be in the upcoming months which according to some estimates may not be as amusing (False Hopes in Germany’s Minimum Wage)…
