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(CEP News) Frankfurt - The German manufacturing purchasing managers index found a new bottom in November, falling to a series-low 35.7, down from both the 36.7 level expected and October's 42.9 figure, Markit Economics reported on Monday.
According to the economic research firm, the sharp deterioration in the PMI was widespread. The output component fell to a record low of 32.3 in November, from October's 41.1 level, while new orders slipped to 29.1, down 10.1 points from the previous month's 39.2 figure. Employment also deteriorated notably, falling to 43.6, its lowest level since May 2003. Quantity of purchases and new export orders also hit rock bottom, coming in at 31.0 and 28.5 respectively. The price components also registered notable declines. The input price category tumbled to 39.2 in November, its first sub-50 reading since September 2003 and the lowest level since October 2001. Meanwhile, the output price component fell to 48.1 from 53.3, the lowest level recorded since March 2004 and its first sub-50 figure since December 2005. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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