Germany’s preliminary manufacturing PMI index rose to 64.9 in June from 64.4 in May, improving the 63 expected by the market and hitting two-month highs.
The services PMI has risen sharply to 58.1 from the previous 52.8, topping the 55.5 estimate. This is the highest figure reached by the indicator since March 2011.
The recovery in Germany’s private sector economy gained momentum in June, latest preliminary data showed IHS Markit, thanks to further easing of COVID-19 restrictions and the release of pent-up demand, which led to a sharp and accelerated increase in business activity.
However, the recovery in production levels was accompanied by a further increase in price pressures, with inflation rates in both input costs and production prices accelerating to new all-time highs.
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