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Germany’s May manufacturing PMI number came in at 45.2, down from 46.2 in April.This was marginally better than the 45 economists were looking for.
“Germany’s manufacturing output continued to lurch downwards in May, with the resilience of the first quarter now giving way to the steepest drop in production levels for almost three years,” wrote economist Time Moore. “Weaker global economic conditions resulted in shrinking order inflows, especially from export markets.”
May data highlighted a continued worsening of business conditions across the German manufacturing sector. At 45.2, down from 46.2 in April, the final seasonally adjusted Markit/BME Germany Purchasing Managers’ Index® (PMI®) signalled the sharpest deterioration of operating conditions since June 2009. The index has now posted below the neutral 50.0 value for three months running, with the latest figure primarily reflecting marked reductions in output and new work.
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Germany’s May manufacturing PMI number comes out at 3:55 AM EST.
Economists are expecting the number to decline to 45 from 46.2 in April.