Activity in Germany's manufacturing sector decreased at a slower rate than previously estimated in April, final data from a survey by Markit Economics and BME showed Thursday.
The seasonally adjusted purchasing managers' index for the manufacturing sector came in at 48.1 in April, higher than 47.9 seen in the flash estimates. The latest figure was, however, lower than March's 49, and indicated the most marked deterioration in business conditions since December 2012. An index reading below 50 indicates contraction, while one above suggests growth.
Production at German factories decreased for the first time so far this year, though at the modest rate, owing mainly to weaker client demand and a lack of new work to replace completed projects.
New orders in the sector dropped for the second straight month, and at the fastest rate so far this year, hurt by weaker underlying demand in response to uncertainty about the economic outlook.
Average output prices dropped sharply in April, reflecting softer global demand for raw materials and lower commodity prices. Factory gate prices dropped for the first time since January, reflecting a combination of falling input costs and intense competition for new work in April.
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