4/22, 9:33 AM (Source: TeleTrader)
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Germany's composite PMI at 3-month low in April

Germany's Purchasing Managers' Index (PMI) Composite Output Index, which combines the results achieved in the services and manufacturing sectors, observed a monthly decline in April, coming in at 54.5, its three-month low, S&P Global said in its preliminary report issued on Friday.

The Services PMI Activity Index rose from 56.1 registered in March to 57.9 in April, its eight-month high. On the other hand, the Manufacturing Output Index dropped to 47.4, its 22-month low. The Manufacturing PMI decreased month-on-month to 54.1, its lowest level in the past 20 months.

"We're seeing a growing divergence in the performance of Germany's manufacturing and service sectors. Whilst services activity continues to build momentum thanks to the easing of COVID restrictions and the subsequent release of pent-up demand, manufacturing production has fallen into contraction amid a combination of renewed supply disruption and cooling demand for goods," Phil Smith, Economics Associate Director at S&P Global, commented on the results.

Baha Breaking News (BBN) / JR