Germany: Preliminary manufacturing PMI rises to 46.7 in November, better than 45 expected

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The index Germany’s S&P Global manufacturing PMI has risen to 46.7 points in November’s preliminary reading from 45.1 in October, bettering the 45 estimated by the market.

The Services PMI fell one tenth, standing at 46.4 compared to 46.5 in October, although it improves the estimated 46.2 points.

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Phil Smithassociate director of economics at S&P Global Market Intelligence, commented on the preliminary PMI data: “The preliminary survey of the PMI for November does not alter the narrative that Germany is heading for a recession, but does offer some hope that the contraction in the economy may be less deep than originally feared.. The headline PMI surprised to the upside, coming in above consensus at 46.4 and marking the slowest pace of decline in business activity in three months.

“On a positive note, the data showed a reduction in downward pressure on factory production, as manufacturers reported improved material availability and an overall reduction in supplier lead times for the first time in almost two and a half years,” Smith added.

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Source: Fx Street

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