Germany PMI Manufacturing rose to 45.2 in January, up from 43.7, beat expectation of 44.6. That’s also a 11-month high even though it’s deep in contraction region. PMI Services rose to 54.2, up from 52.9, beat expectation of 54.0. PMI Composite rose to 51.1, up from 50.2, a 5-month high.
Commenting on the flash PMI data, Phil Smith, Principal Economist at IHS Markit said:
“A number of positive takeaways from January’s flash PMI survey suggest the storm clouds over the German economy may be starting to clear. The drag from the downturn in manufacturing continues to ease as the sector moves closer to stabilisation, while the services economy is back growing at a robust pace.
“Demand has started to firm up a little both at home and abroad, which is reflected in a first rise in new business for seven months. With confidence starting to return, businesses are reporting clients steadily loosening the purse strings.”