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12/3, 9:56 AM (Source: TeleTrader.com)
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German manufacturing growth at 31-month low in November

The growth of the German manufacturing sector declined in November to its lowest level in 31 months, according to the IHS Markit/BME report released on Monday. According to the data, the headline manufacturing PMI figure stood at 51.8, down from 52.2 recorded in October.

New orders in Germany saw the steepest decline in November in the last four years due to the lowered demand from abroad while the export sales were declining for the third month in a row. Output growth remained stable despite the losses in other sectors while manufacturing only saw a slight increase.

"The PMI showed the recent slowdown in the manufacturing sector extending into the penultimate month of the year. "With the car industry still struggling and geopolitical uncertainties affecting client demand, manufacturers reported a deepening decline in new orders, and export sales in particular," said the IHS Markit Principal Economist Phil Smith.

Breaking the News / VK