German Manufacturing PMI At 17-Month High
11/23/2009 5:46 AM ET
(RTTNews) -
Germany's manufacturing purchasing managers' index rose to a 17-month high in November, the latest survey from Markit Economics showed Monday. The PMI reading rose to 52 from 51 in the previous month.
A reading above 50 indicates expansion, while a reading below 50 signals a contraction.
Manufacturing output grew at the fastest pace in a year and half, led by improved global economic conditions and the fastest rise in new orders since March 2008. The manufacturing output index stood at 56.3, up from 54.4 in the previous month.
Meanwhile, the services activity rose to a two-month high. The services activity index climbed to 51.5 from 50.7 in October. Recovery in service sector activity remained relatively weak, with underlying client demand subdued and new business levels falling for the first time since July, Markit said.
The composite output index, that tracks both manufacturing and services activity, rose to a three-month high in November. The index rose to 53.5 from 52.3.
Commenting on the PMI data, Tim Moore, economist at Markit said " The manufacturing sector continues to provide the main uplift for the German economy, with firms benefiting from resurgent export demand and improving global economic conditions".
"Rising backlogs in the sector also support the view that production will head higher in the months ahead. While job shedding persisted among manufacturers, improved levels of capacity utilization are likely to slow this process", he added.
by RTT Staff Writer
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