Germany’s manufacturing PMI grew for the first time in 6 months

Germany’s manufacturing PMI grew for the first time in 6 months
Germany’s manufacturing PMI grew for the first time in 6 months
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Data released by Markit Statistics Office on Tuesday showed that the manufacturing sector contracted in Germany during the month of January, which exceeded market expectations, as the preliminary reading of the PMI in the manufacturing sector recorded 47.0 points, which is much worse than the market expectations, which indicated that it would record 48.0 points, and it is also lower. Also from the previous reading of 47.1 points.

This indicator measures the level of activity of purchasing managers in the manufacturing sector and is based primarily on data from the original survey compiled by 1,000 companies within the German manufacturing and service sectors. It is also based on about 85% of total monthly purchasing managers’ survey responses. A reading above 50 indicates growth, while a reading below 50 reflects contraction.

On the other hand, the initial reading of the PMI in the services sector in Germany was positive during the same time period, and indicated the growth of the sector for the first time since last June, as the index scored 50.4 points, which is much better than expectations that indicated its contraction to 49.6 points, and it is also Also higher than the previous reading of 49.2 points.

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The index measures the activity level of purchasing managers based on the survey conducted on them in the service sector, and the German PMI service purchasing managers index relies on data collected from about 500 companies in the German service sector. The index tracks a number of variables such as: sales, employment, inventories, and prices in Germany. It is worth noting that the preliminary estimates are based on about 85% of the total responses to the monthly purchasing managers’ survey. The reading of the index reflects the contraction of the service sector in France if it came less than 50. , and grow if it is higher.

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