The preliminary index Germany’s manufacturing PMI released by Markit has fallen to 57.6 in November from 57.8 in October, improving the 56.9 expected by the market. The indicator has fallen to its lowest level in ten months.
The Services PMI has improved one point, rising to 53.4 from 52.4 the previous month, reaching two-month highs. It has also exceeded the 51 points estimated by the experts.
The IHS Markit statement highlights that business activity increased slightly faster in November, but supply lags lead to unprecedented inflationary pressures.
“Business activity continued to increase, gaining much-needed momentum as manufacturers and service companies saw faster growth in production. However, delays in supply continued to weigh heavily on the performance of the German economy, and new job inflows grew at a slower pace as customers put off orders due to delays. Export orders showed a more resilient trend, but overall new jobs nonetheless increased at the weakest pace since February. ” notes the statement.