Germany PMI Manufacturing rose to 44.6 in June, up from 36.6, above expectation of 41.0. PMI Services rose to 45.8, up form 32.6, above expectation of 41.1. PMI Composite rose to 45.8, up from 32.3, hitting a four-month high but stayed in contraction.
Phil Smith, Principal Economist at IHS Markit said: “While the loosening of lockdown restrictions has had a positive effect on some parts of the economy, the PMI’s latest reading is still within contraction territory, which shows this is likely to be a protracted recovery as coronavirus-related disruption and uncertainty continue to weigh on demand. There was no separating manufacturing and services in terms of output trends in June, with both seemingly over the worst but far from firing on all cylinders.”
