fxs_header_sponsor_anchor

News

German flash manufacturing PMI slumps to 51.6 in Nov, near 4-year lows

German business activity grew at the weakest pace in thirty-two months this month, the latest manufacturing activity report from IHS/Markit research showed.

German manufacturing purchasing managers index (PMI) dropped in November, arriving at 51.6 while services PMI also fell to six-month lows of 53.3 versus 54.7 last.

The IHS Markit Flash Germany Composite Output Index hit forty-seven-month lows at 52.2 in November, from October’s 53.4.

Key comments from Phil Smith, Principal Economist at IHS Markit:

“The Germany PMI continued to trend downwards in November, pointing to a sustained loss of underlying growth momentum in the euro area’s largest member state.”

“The survey data revealed that weakness in external markets continued to act as a restraining factor on performances across the private sector economy. Amid reports of falling sales to China, Italy and Turkey, manufacturers recorded the steepest monthly drop in new exports orders for almost six years, while service providers also noted a reduction in demand from non-domestic-based clients.”

“A solid rate of job creation was one of few bright spots, though even here the data are showing a lesser appetite for hiring new staff amid weaker business confidence and signs of less pressure on capacity.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.