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- Germany’s manufacturing activity contracts in January
Germany’s manufacturing activity contracts in January
Final data released by IHS Markit and BME revealed that conditions across Germany's manufacturing sector worsened at the start of the year. The headline IHS Markit/BME Germany Manufacturing PMI fell to 49.7 in January from 51.5 in December, sliding below the 50.0 'no-change' mark for the first the first time in more than four years.
According to the report, the notable drop in the headline PMI since December was led by a deepening downturn in new orders, which contracted to the greatest extent in over six years. Part of the reason for lower order books was a drop in demand from international markets, with surveyed firms reporting decreases in sales to the US, UK, Italy, Turkey and Asia. Job creation also eased and was close to November's near two-year low, but remained elevated compared to the long-run average. There was also a sharp slowdown in the rate of purchase price inflation in January to the lowest since October 2016 due to recent falls in the price of oil and steel. Factory gate charge inflation meanwhile eased only slightly and was strong overall.
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