The index Germany’s preliminary manufacturing PMI for the month of May stood at 64 points, almost two points below the 65.9 forecast. The result is lower than in April, when it reached 66.2 points. This is the lowest figure seen since February.
The services PMI has risen to 52.8 points from the previous 49.9, surpassing the 52.0 expected by the market. This is the highest reading seen since July 2020.
The composite PMI has risen to 56.2 from the previous 55.8, although it has not reached the estimated 57.1.
Phil Smith, Associate Director of IHS Markit, points out: “In May saw a positive upturn in services activity in Germany, as companies reported an increase in demand across the sector for the first time since the reaffirmation of lockdown measures last October. Service performance improvement occurs at a crucial time, which offset further loss of momentum in manufacturing due to worsening supply problems“.
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