12/1/2023, 9:55 AM (Source: TeleTrader)
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German manufacturing downturn eases in November

Germany Manufacturing Purchasing Managers' Index (PMI) stood at 42.6 in November, increasing from October's 40.8 and marking a fourth straight monthly rise, according to the latest report by S&P Global and Hamburg Commercial Bank published on Friday.

Both production and new orders declined at a slower pace. On the other hand, the rate of contraction in output was at its weakest level since May. The main negative development in November was the rapid decline in factory employment, with figures falling by the largest amount since October 2020.

"There is a flicker of hope in the German manufacturing sector. Even though the November data still places the sector in the recession arena, the rate of output decline is tapping the brakes compared to the previous month," HCOB Chief Economist Dr. Cyrus de la Rubia commented.

Baha Breaking News (BBN) / DD