Germany’s manufacturing PMI at 57.4 in December
Germany’s Services Purchasing Managers Index (PMI) Business Activity Index stood at 57.4 in December, remaining unchanged in comparison to November and failing market expectations, IHS Markit revealed in its report published on Monday.
The report highlighted a “sharp” rise in input and output prices but also an “ease” in inflation rates as the explanation behind the previous month’s performance. It also noted that the inflow of new orders surpassed production capacities, “leading to another steep increase in backlogs of work in December.”
“After a promising start to 2021, the German manufacturing sector’s performance faded as the year went on as unprecedented supply chain constraints took their toll,” IHS Markit Economics Associate Director Phil Smith commented on the report. “Buoyed by full order books, German manufacturers are confident about growth prospects in the coming year, though much still depends on an improvement in the supply situation.”
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