Germany suffered the steepest contraction in manufacturing activity in three years in June amid a faster decline in new export orders, a survey by Markit Economics showed Thursday.
The manufacturing purchasing managers' index fell to 44.7 in June from 45.2 in May. This was the weakest reading in 36 months.
A PMI reading below 50 indicates contraction. Economics had forecast the score to remain unchanged from the May level.
The manufacturing output index, meanwhile, rose to 44.9 from 44.6 in May, but still remained in negative territory.
The private sector output also declined at the steepest pace in 36 months with the composite output index falling to 48.5 in June from 49.3 in May.
The services activity index dropped to a seven-month low of 50.3 in June from 51.8 in May. However, the reading above 50 indicated expansion.
by RTT Staff Writer
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