German PMI Slips To 45.0, A 3-Year Low

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Photo: @cjzero

German PMI came in at a  3-year low of 45.0, down from 45.2 in May.However, it was slightly better than the 44.7 economists were expecting.

Key findings:

  • Output levels fall for third month in a row
  • Sharpest drop in new export orders since November 2011
  • Input costs decline for first time in 2012 so far

“June data highlighted another marked reduction in German manufacturing output, as shrinking new order volumes continued to squeeze production requirements. The reduction in new work extended the current period of deteriorating order books to 12 months,” according to the Markit report.

On jobs: “Job shedding was recorded at German manufacturers for the third successive month in June. Although the rate of decline in staffing levels remained only moderate, the seasonally adjusted Employment Index was the lowest since February 2010 and weaker than the long-run series average (49.7).”

 

 

german pmi

Photo: Markit

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