German business activity picks up in March
German PMI Composite Output Index registered growth in March, the second month in a row, S&P Global revealed in its preliminary report on Friday. The figure arrived at 52.6, marking a 10-month high and up from last month's 50.7, but still below the pre-pandemic average of 53.3.
Services PMI Activity Index was also at its highest point in ten months, coming in at 53.9 and rising from the February reading of 50.9. Meanwhile, Manufacturing PMI continued to fall, further decreasing to 44.4 to reach a 34-month low, from the previous month's 46.3.
"The manufacturing sector lacks momentum right now, with new orders remaining in decline amid a period of caution among clients and excess inventory levels ... The service sector did all the heavy lifting in terms of driving growth in March," Economics Associate Director at S&P Global Market Intelligence Phil Smith commented.