Germany's manufacturing sector contracted for the second consecutive month in April, and the corresponding indicator dropped to the lowest level in thirty-three months, final data released by Markit Economics and HSBC Bank showed Thursday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 46.2 in April from 48.4 in March, marking the second consecutive fall in activity. The latest reading was slightly lower than 46.3 estimated earlier.
New business received by manufacturers decreased for the tenth consecutive month in April, and the pace of reduction was the fastest so far this year.
Production at Germany factories dropped for the first time since December 2011, and the rate of fall was the sharpest since mid-2009. Manufacturers reduced their workforces for first time since March 2010, though at a marginal rate.
Average purchasing costs continued to increase in April, despite softer demand for raw materials. However, Input price inflation still eased from the eight-month high seen in March. Meanwhile, factory gate price inflation was modest during the month.
by RTT Staff Writer
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