The index manufacturing PMI of Germany published by S&P Global rose five tenths in its preliminary reading for August, standing at 49.8 points compared to 49.3 in July, and improving the 48.3 estimated by the market. Despite the increase, this is the second consecutive month that the indicator is in contraction territory, below 50 points.
The Services PMImeanwhile, has fallen a point and a half, slipping to 48.2 from the previous 49.7, its lowest level in a year and a half, specifically since February 2021.
German private sector business activity fell for the second consecutive month and at a faster pace in August, according to the S&P Global statement. The deepening of the slowdown was linked by the companies surveyed to a combination of factors such as uncertainty, high inflation and rising interest rates, which weighed heavily on demand.
Business expectations rose from the July low, amid a moderation in business costs and producer prices, although confidence remained historically low.
Source: Fx Street
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