The German manufacturing PMI has risen two tenths in May, standing at 54.8 compared to 54.6 points in April, improving the 54.7 expected. This is the best result of the last two months.
According to the report published by S&P Global, export sales fall for the third consecutive month and at a faster rate. The production increases slightly, but expectations remain pessimistic and producer price inflation has barely changed since April’s record.
The statement also reports that the combination of economic uncertainty, sharp price increases and COVID-related shutdowns in China caused a further decline in new orders. However, production levels increased slightly during the month, driven by work on the backlog, rising employment levels and higher material availability. However, business expectations about future activity remain pessimistic.
Source: Fx Street
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