Latest data published by Markit / BME – 23 November 2021
- Before 57.8
- Services PMI 53.4 vs 51.5 expected
- Before 52.4
- Composite PMI 52.8 vs 51.0 expected
- Before 52.0
Just like the previous French readings, we are also seeing beats in all areas for Germany, with a recovery in manufacturing activity and services from October. Invest in yourself. See our forex education center.
It should be noted that manufacturing output is expected to improve to a two-month high – the same is true for services output. This offset some of the blow to new business and customer demand, which were again affected by supply issues. Markit notes that:
“The November PMI flash data indicates a general stabilization of the slowdown in economic growth seen in the German private sector over the previous three months. have also seen faster increases in production.
“Supply delays continued to weigh heavily on the performance of the German economy, however, with new work entries increasing at a slower pace as customers delayed orders due to delays. Export orders showed a more resilient trend, but nonetheless, overall, labor news grew at the weakest pace since February.
“Material shortages, combined with rising energy and wage bills, price hikes at suppliers and logistical problems led to an unprecedented rate of cost inflation in November, with German companies subsequently increasing their costs. own loads to a record degree. This then affected business confidence. in November, with the lowest sentiment in over a year as many companies raised concerns about the pandemic, supply issues and price pressures.
“Overall, flash PMI data points to a slightly improved trend in business activity, but supply delays and inflationary pressures remain a major cause for concern and should weigh more on growth in the months to come. come, especially if these constraints further stifle demand. “