Germany PMI Manufacturing rose to 53.0 in August, up from 51.0, above expectation of 52.5. That’s also the highest level in 23 months. PMI Services dropped sharply back to 50.8, down from 55.6, missed expectation of 55.6. PMI Composite eased back to 53.7, down from 55.3.
Phil Smith, Associate Director at IHS Markit said: “The slowdown was centred on the service sector, where growth was close to stalling amid renewed travel restrictions and a sustained decline in overall employment that continues to undermine domestic demand. Manufacturing was a relative positive, at least in terms of trends in output and new orders, which grew at the fastest rates for two-and-a-half years. However, the further cutbacks to factory work force numbers are a reminder that there is still ground to make up and businesses remain under pressure to cut costs.”
