|
(CEP News) Frankfurt - The German purchasing managers index dropped like a stone in November coming in at a record low 36.7 for the month, according to preliminary estimates from Markit Economics published on Friday. Economists had expected a far more modest fall to 42.0 in November, down only 0.9 points from October's level.
Disaggregating the figures, Markit reported that the output component fell to a series low 32.8 in November from October's 41.1, while new orders continues its downward trend, coming in at an all-time low 30.9, down 8.3 points from the previous level. Quantity of purchases also contracted by a notable amount, coming in at a record low 33.6 from 40.1 in October, while new export orders came to 30.4, its lowest level in series history. Additionally, Markit Economics reported that the services PMI also fell further in November, coming in at 46.2 for the month, its lowest level since June 2003. The median consensus had called for a less pronounced fall to 47.5 from October's 48.3 level. In a report issued on Friday, Markit noted that new business fell to 43.9, its lowest level in over five years, after slipping to 44.2 in the previous month. Business activity also registered significant declines, falling to 46.2 in November, its worst reading since June 2003. Meanwhile, business expectations hit rock bottom in November, falling to a record low 31.4, down 3.1 points from October's figure. Courtesy of
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
