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Germany PMI composite dropped to 52.0, resilient manufacturing

Germany PMI Manufacturing dropped to 57.9 in November, down from October’s 58.2, above expectation of 56.5. . PMI Services dropped to 46.2, down from 49.6, a 6-month low, similar to expectation of 46.3. . PMI Composite dropped to 52.0, down from 55.0, a 5-month low.

Phil Smith, Associate Director at IHS Markit said: “As expected, the introduction of new lockdown measures in November to combat the spread of COVID-19 has had a disruptive impact on German economic activity, with the flash PMI data showing the service sector suffering its worst performance since May. However, the resilience being exhibited by the manufacturing sector, which the survey shows is benefitting for growing sales to Asia in particular, supports our view that any downturn in the final quarter is expected to be far shallower than those seen in the first half of the year.”

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