Germany’s manufacturing PMI sinks deeper into contraction in February

Wednesday, 06 March 2019 17:52:27 (GMT+3)   |   Istanbul
       

Markit's Germany Manufacturing Purchasing Managers Index (PMI) was at 47.6 in February, down from 49.7 in January, and sinking deeper into the contraction territory which is below the level of 50.0 points. The decrease was attributed to a deepening downturn in new orders, and the first drop in output in almost six years .

Part of the reason for lower order books was a drop in demand from export markets, with surveyed businesses blaming falling car sales, weaker demand from Asia (particularly China), Brexit anxiety among clients and growing competition.

German manufacturers remained in hiring mode midway through the opening quarter of the year, despite lower demand and signs of excess capacity. The rate of employment growth was unchanged from the solid pace recorded in January, with a number of firms taking on new staff as part of strategic planning for the longer-term outlook. Confidence towards output over the next 12 months eased to the lowest since November 2012, however, amid concerns over Brexit, trade wars, the car industry and an economic slowdown.


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