The Conference Board(R) Germany Business Cycle Indicators(SM) Germany
Leading Economic Indicators and Related Composite Indexes for November

2005

NEW YORK, Jan. 25 /PRNewswire/ -- The Conference Board announced today
that the leading index for Germany increased 0.5 percent, and the
coincident index remained unchanged in November.

-- The leading index increased sharply in November, the eighth consecutive

gain, and the strength among the leading indicators continued to be

widespread. With November's increase, the leading index has been

growing at a 3.0 - 3.5 percent annual rate in recent months, up from

essentially no growth at the beginning of 2005.

-- Despite no change in November, the coincident index is still on an

upward trend which started to strengthen in early 2005 but has

moderated slightly in recent months. November's increase in the

industrial production component of the coincident index was offset by a

similar decrease in the retail sales component, and the strengths and

weaknesses among the coincident indicators were somewhat balanced in

November.

-- At the same time, real GDP growth picked up to a 2.4 percent annual

rate in the third quarter, from a 1.7 percent average rate in the first

half of 2005 and a 0.5 percent average rate over the previous four

quarters. The continued widespread growth in the leading index suggests

that the recent pick up in economic activity is likely to persist in

the near term.

LEADING INDICATORS. Five of the eight components in the leading index
increased in November. The positive contributors to the leading index
-- in order from the largest positive contributor to the smallest --
are new orders in investment goods industries, the growth rate of CPI
for services, stock prices, the yield spread, and the inventory change
series*. Consumer confidence, new residential construction orders*,
and gross enterprises and properties income* declined in November.

With the 0.5 percent increase in November, the leading index now
stands at 105.1 (1990=100). Based on revised data, this index
increased 0.1 percent in October and increased 0.2 percent in
September. During the six-month span through November, the leading
index increased 1.7 percent, with six of the eight components
increasing (diffusion index, six-month span equals 75.0 percent).

COINCIDENT INDICATORS. Three of the four components that make up the
coincident index increased in November. The positive contributors to
the coincident index were industrial production, employed persons*,
and manufacturing sales. Retail trade declined in November.

Holding steady in November, the coincident index now stands at 104.9
(1990=100). Based on revised data, this index increased 0.1 percent in
October and was unchanged in September. During the six-month period
through November, the coincident index increased 0.6 percent, with two
of the four components increasing (diffusion index, six-month span
equals 50.0 percent).

ABOUT THE CONFERENCE BOARD Founded in 1916, The Conference Board is
the premier business membership and research network. The Conference
Board has become a global leader in helping executives build strong
professional relationships, expand their business knowledge and find
solutions to a wide range of business challenges. The Board's
Economics Program, under the direction of Chief Economist Gail Fosler,
is a recognized source of forecasts, economic analysis and objective
indicators such as the Leading Economic Indicators and the Consumer
Confidence Index.

This role is part of a long tradition of research and education that
stretches back to the compilation of the first continuous measure of
the cost of living in the United States in 1919. In 1995, The
Conference Board assumed responsibility for computing the composite
indexes from the U.S. Department of Commerce. The Conference Board now
produces business cycle indexes for the U.S., Australia, France,
Germany, Korea, Japan, Mexico, Spain and the U.K. To subscribe to any
of these indexes, please visit http://www.globalindicators.org ,
contact the customer service department at 212-339-0345, or email
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SUMMARY TABLE OF COMPOSITE INDEXES

2005 6-month

Sep. Oct. Nov. May-Nov.

Leading index 104.5 p 104.6 p 105.1 p

Percent Change +0.2 p +0.1 p +0.5 p +1.7 p

Diffusion 62.5 50.0 68.8 75.0

Coincident Index 104.8 r 104.9 r 104.9

Percent Change 0.0 r +0.1 r 0.0 +0.6 p

Diffusion 37.5 62.5 62.5 50.0

n.a. Not available p Preliminary r Revised

Indexes equal 100 in 1990 Source: The Conference Board

For more information visit our Website:

http://www.conference-board.org/economics/bci/

The next release is scheduled for February 21, 2006 at 9:30 A.M. (ET)

In Germany -- February 21, 2006 at 3:30 P.M. (CET) SOURCE The Conference Board