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10/1/2019, 9:55 AM (Source: TeleTrader)
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German manufacturing PMI drops to 2009 lows

The German PMI composite index came in at 41.7 in September, falling from August's figure of 43.5, according to data from IHS Markit released on Tuesday The reading marked lows in the index last seen in June 2009.

Output fell at the fastest pace since July 2012 while new orders dropped even more, which resulted in fewer backlogs of work. Export sales were also falling, but the rate remained unchanged from August.

Phil Smith, principal economist at IHS Markit, said in a statement: "The severity of the job losses across manufacturing we are now seeing could start to weigh more heavily on consumer confidence, which up to this point has been relatively resilient. Interestingly, the weakness seen for a long time across the intermediate and investment goods sectors shows signs of spreading to consumer products, the decreases in output and new orders of which were key factors behind September's lower headline number."

Baha Breaking the News (BBN) / VP