The array of instruments for the analysis and interpretation of the daily published indices operate on the verge of their capacity. They signal more and more often that indices only have a conditional value, applied in analysis and planning. The German Chancellor grants only as much meaningfulness to these indices as the political barometer published daily; meaning, no more than the daily weather forecast.

It simply does not make sense to base business decisions on the interaction of the American purchasing index and the job market figures from Nuremberg, the business climate index of the Ifo and the export data of the Weltwirtschaftsinstitut, a concoction of sour beer and stale, vitamin-added tap water.

What we would like to say is not to stick one’s head in the sand, but to be cautious towards indices, because their value has become dubious. The same applies to the flood of messages from analysts.