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.”
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