Germany PMI Manufacturing dropped from 59.8 to 58.5 in February, below expectation of 59.4. PMI Services rose from 52.2 to 56.6 in February, above expectation of 53.2, highest in six months. PMI Composite rose from 53.8 to 56.2, also the highest in six months.
Phil Smith, Economics Associate Director, at IHS Markit said:
“The German economy continued to regain momentum in February following December’s brief stagnation in output growth. Overall activity rose the most since last August, driven this time by the services sector as manufacturing production increased more slowly than in January, when it had provided the main impetus.
“Although goods production rose at a softer pace, data on new orders showed the fastest rise in six months. Moreover, supply chain pressures appeared to ease further as average lead times lengthened to the least extent since November 2020.
“Inflationary pressures remained strong, however. Overall input prices rose at a similar rate as at the turn of the year, despite the slowest rate of inflation in manufacturing for a year. Meanwhile, prices charged for goods and services increased at the second-fastest rate on record.”
