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Expand chart
Data: Investing.com; Chart: Axios Visuals

Germany's manufacturing sector has been contracting all year, and its economy is at serious risk of falling into recession.

The state of play: Things continue to worsen for Europe's largest economy. This month its manufacturing sector showed its worst reading in 7 years, a continuation of a crumbling industry that just last month saw the sharpest slide in factory orders since the financial crisis.

  • In April, analysts at IHS Markit warned that the manufacturing sector was "clearly in deep recession" and companies had begun laying off workers.
  • "A large fall in the PMI is of course worrisome, particularly if it is a fall from a level that was already low," Jeromin Zettelmeyer, a senior fellow at the Peterson Institute for International Economics, tells Axios. "There is volatility in these numbers, so I would not panic, but I am indeed worried."

The big picture: The news is particularly bad, given that the European Commission had just written Germany's expected 2019 GDP growth down to 0.5%, and that was including higher expectations for July's manufacturing numbers.

What's next: Finance ministers from across Europe implored Germany to unleash fiscal stimulus measures in a report from the European Fiscal Board earlier this month. But calls for increased spending from Germany have been coming since February and thus far have not been heeded.

  • "The high dependence on exports and the Chinese sales market is increasingly becoming a burden and the trade dispute hangs like a sword of Damocles over the one-time poster boy of the euro region," said Patrick Hussy, a director at global investment research group Sentix. "A recession looks unavoidable."

Go deeper: Germany is Europe's most economically dangerous country

Go deeper

Delivery industry sees biggest monthly job losses in more than 20 years

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic's biggest job winner is losing steam.

Driving the news: People who deliver packages to businesses and homes — classified as "couriers and messengers" by the Labor Department — saw the industry's biggest monthly job losses in more than 20 years in April.

FDA authorizes Pfizer COVID vaccine for 12- to 15-year-olds

Photo: Gabby Jones/Bloomberg via Getty Images

The Food and Drug Administration authorized the emergency use of the Pfizer-BioNTech coronavirus vaccine for 12- to 15-year-old adolescents, the agency announced on Monday.

Why it matters: The emergency authorization marks a critical milestone in the push to get more Americans vaccinated and fully reopen schools for in-person learning this fall.

GOP to vote on ousting Liz Cheney this Wednesday

Photo: Tom Williams/Pool via Getty Images

House Republicans will vote on recalling Rep. Liz Cheney (R-Wyo.) as conference chair this Wednesday, House Minority Leader Kevin McCarthy announced in a letter Monday, Punchbowl News reported.

Why it matters: Cheney, the No. 3 House Republican, has faced increasing backlash from McCarthy and her Republican colleagues as she continues to criticize former President Trump and his baseless claims of election fraud.