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(RTTNews) - Germany's manufacturing activity showed a highest reading for three months, a final report by the Markit Economics showed on Monday.
(RTTNews) - Germany's manufacturing activity showed a highest reading for three months, a final report by the Markit Economics showed on Monday.
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German July Manufacturing PMI At 3-Month High
(RTTNews) - Germany's manufacturing activity showed a highest reading for three months, a final report by the Markit Economics showed on Monday.
The BME manufacturing purchasing managers' index stood at a seasonally adjusted 61.2 in July, up from 58.4 in the previous month. The latest reading was the highest for three months and signaled the second-sharpest improvement in operating conditions since the series began in April 1996. A reading above 50 indicates expansion, while one below suggests contraction. The PMI was inline with the preliminary estimate.
German manufacturing production and incoming new business increased at a faster pace in July. Similarly, new export order growth also increased markedly. Staffing levels at manufacturing sector increased for the fourth straight month and the latest rise was the fastest since May 2008. Moreover, input cost inflation eased further in July.
"A sharp improvement in new order volumes propelled manufacturing output growth to its fastest for three months. Strengthening demand was concentrated in domestic markets, as new export work increased at the weakest pace for six months, " Tim Moore, economist at Markit said.
"Improved optimism regarding future production requirements was highlighted by a another solid rise in pre-production inventories and the strongest rate of job creation for over two years." he added.
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