10/1, 9:59 AM (Source: TeleTrader)
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Germany's manufacturing PMI at 26-month high in Sept

Germany's Manufacturing Purchasing Managers' Index (PMI) stood at 56.4 in September, rising from August's 52.2 and reaching its 26-month high, according to the report by IHS Markit and BME published on Thursday.

The figures showed the economy was slowly recovering from the effects of the coronavirus pandemic and seeing a "growth in output and new orders as well as a slowdown in the pace of job cuts." The report also noted improvements in the "three main industrial groupings" – consumer, intermediate, and investment.

"The worst of the factory job losses seem to be behind us, at least for now, with the rate of staff cuts back in line with that seen before the pandemic struck. Furthermore, as manufacturers' optimism improves, there is a greater chance of more jobs being saved," Associate Economics Director at IHS Markit Phil Smith said.

Breaking the News / JR