Germany’s Flash manufacturing PMI jumped to 45.1 in August from 43.0 in July.This is a 3-month high.
Nevertheless, any reading below 50 signals contraction in sector. As such, some economists will continue to be worried about recession in Europe’s largest economy.
The composite Flash index fell to 47.0 from 47.5 in July. This reflects a 38-month low.
“August PMI data highlights the weakest German private sector performance for over three years, with a return to falling services activity offsetting an easing in the manufacturing downturn,” said Markit economist Tim Moore.
“Perhaps the most worrying but least surprising development in August was the accelerated reduction in new work from abroad, as manufacturers posted the steepest rate of export contraction since April 2009.”