Germany’s most prominent leading indicator, the Ifo index, just added more evidence to a tentative bottoming out of the German economy. The Ifo index increased to 95.0 in November, from 94.7 in October. This is the third month in a row with an increasing Ifo index, after 17 drops in 21 months. In November, both the current assessment and expectations component increased. However, before anyone gets overly cheerful, the headline number is still not even back at its July level.