German manufacturing activity slows in June - Breaking The News

German manufacturing activity slows in June

1 July

1 min read

EPA-EFE/HANNIBAL HANSCHKE

The activity in Germany's manufacturing sector shrank in June, with the Purchasing Managers' Index (PMI) coming in at 43.5, S&P Global and Hamburg Commercial Bank (HCOB) revealed in their latest report released on Monday.

The figure declined by 1.9 index points compared to the month before, falling to its lowest level in two months. The index reading experienced a fresh setback at the end of the second quarter, with the downward movement in manufacturing activity attributed to weaker demand, as export sales fell at a faster rate in June. The purchasing activity among German manufacturers sharply declined during the reported month.

The weakening demand conditions are said to be caused by "increasing competition" from China which is increasing its exports worldwide "due to sluggish domestic demand," which is in turn slowing German exports to China, HCOB Chief Economist Dr. Cyrus de la Rubia explained.

data manufacturing pmi

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