German flash manufacturing PMI hits 33-month lows of 51.5 in Dec
German business activity grew at the weakest pace in thirty-three months this month, the latest manufacturing activity report from IHS/Markit research showed.
German manufacturing purchasing managers index (PMI) dropped in December, arriving at 51.5 while services PMI fell to seven-month lows of 52.5 versus 53.3 last.
The IHS Markit Flash Germany Composite Output Index hit forty-eight-month lows at 52.2 in December, from November’s 52.3.
Key comments from Phil Smith, Principal Economist at IHS Markit:
“The PMI data disappointed again in December, indicating the continuation of only a modest rate of underlying growth across Germany’s private sector. Furthermore, with new orders close to stalling in December and firms reporting reduced optimism towards the outlook, there’s a lack of momentum heading into the New Year.”
“It's a stark contrast from the situation this time last year. Reports of an economy close to overheating have been supplanted by concerns about an increasingly uncertain political backdrop, trade wars and a struggling autos industry.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
