Markit’s preliminary manufacturing PMI index for Germany has fallen in September to 58.5 from 62.6 in August, worsening the 65 points expected by the market. Today’s is the lowest figure registered by the indicator in eight months, although it continues to be at a good rate of expansion.
The Preliminary PMI for services is down more than four points, standing at 56.0 from 60.8 the previous month, marking the lowest score in four months.
The growth rate of the German economy slowed in September, the latest PMI® flash data from IHS Markit showed. The survey showed ongoing supply disruption for manufacturing production, while the service sector also lost momentum following its recent strong rebound.
Phil Smith, Associate Director of IHS Markit, commented on the preliminary PMI data: “The September PMI preliminary survey showed a noticeable slowdown in the growth rate of the German economy, in a sign that activity is beginning to stabilize after a strong recovery in the summer. However, despite the slowdown in September, the pace of economic growth in the third quarter still appears to have exceeded the 1.6% expansion observed in the three months from April to June. ”
“The survey pointed to a continuing drag on the growth of the Manufacturing sector, what is bearing the brunt of supply shortages and rising costs. Along with this, services activity showed its smallest increase since May, as post-closing demand growth slowed further, “added Smith.
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