🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

German manufacturing sector posts modest growth at start of third quarter - PMI

Published 03/08/2015, 09:09
Updated 03/08/2015, 09:16
© Reuters. An overall view of the assembly line where the BMW X4 is made at the BMW manufacturing plant in Spartanburg

BERLIN, Aug 3 (Reuters) - German manufacturing activity rose slightly for the eighth straight month in July, a survey showed on Monday, in a sign that a major sector of Europe's largest economy began the third quarter in growth mode.

Markit's purchasing managers' index (PMI) for manufacturing, which makes up about one fifth of the German economy, stood at 51.8 compared with 51.9 in June.

That was above the 50 line that separates growth from contraction and was slightly higher than a preliminary estimate of 51.5.

"The German manufacturing sector remained stuck in a low gear at the start of the third quarter, with the PMI signalling further, albeit only modest, growth," said Oliver Kolodseike, economist at Markit.

Factory output increased for a 27th straight month, though the rate of expansion was marginally weaker than in June. New contracts continued to pile in but the rate of increase was below the survey's average.

In a sign of optimism, manufacturers - particularly consumer goods producers - stepped up recruitment, and they continued to make more purchases, with the pace of buying activity above the 2015 average despite being weaker than in June.

On the downside, volumes of new orders from abroad fell for the first time in six months.

Manufacturers continued to raise their selling prices to compensate for higher costs, which some participants put down to exchange rate effects and a dearth of some raw materials, but the rate of inflation was stable.

That suggests "Germany's trip into deflationary territory at the start of the year was only temporary", said Kolodseike.

Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence.

© Reuters. An overall view of the assembly line where the BMW X4 is made at the BMW manufacturing plant in Spartanburg

(

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.