May looks grim

Next month will be particularly grim, reports Frankfurter Rundschau, whose front page features four downward-pointing red arrows under the headline "Outlook for May." According to the daily, "the month will be an ordeal for four reasons: May festivities will yet again pose a problem for police, the countries of the eurozone will remain in crisis, oil from a sunken oil rig in the Gulf of Mexico will continue to spread, and, to cap it all, the weather will be wet and cold." At the same time there is one bright star on the horizon: "a comeback on the job market." Between March and April, the number of unemployed fell by 68,000 and the country's 30 largest companies are expecting to post a 30 to 40 per cent increase in earnings this year. However, this is not likely to have much impact on salaries, which have hardly increased at all. "As it stands, it remains to be seen what effect the Greek crisis will have on German industry," the paper says, although a "weaker euro would be of benefit to German exports."