Germany PMI Manufacturing rose from 54.6 to 54.7 in May. PMI Services dropped from 57.6 to 56.3. PMI Composite rose from 54.3 to 54.6.
Phil Smith, Economics Associate Director at S&P Global Market Intelligence said:
“A post-lockdown recovery in services activity continues to provide a strong tailwind for the German economy… Even manufacturing saw a slightly better performance in terms of production levels in May…. Business confidence towards the outlook remains subdued, with heightened uncertainty, sharply rising prices and supply chain disruption all starting to impact demand and representing risks to the outlook in the goods-producing sector in particular.”