Germany PMI manufacturing dropped to 51.6 in November, down from 52.2 and missed expectation of 52.2. That’s the lowest level in 32 months. PMI services dropped to 53.3, down from 54.7 and missed expectation of 54.5. PMI composite dropped to 52.2, down from 53.4, hit a 47-month low.
Commenting on the flash PMI data, Phil Smith, Principal Economist at IHS Markit said:
“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.”
