Economic Buzz: German Private Sector Activity Slows In March

24 Mar 2022 , 04:00 PM

German private sector business activity dipped in March as output price inflation hit a new record high and the war in Ukraine impacted demand as well as supply chains, a survey showed. However, the declines were smaller than expected as easing supply bottlenecks and fewer COVID restrictions allowed the German economy to start recovering before Russias invasion of Ukraine. S&P Globals flash services Purchasing Managers Index (PMI) dropped to 55.0 in March from 55.8 in February, which had been the highest reading since August. As a result, the composite PMI, which tracks the manufacturing and services sectors that together account for more than two-thirds of the German economy, slipped to 54.6 in March from Februarys six-month high of 55.6. The flash manufacturing PMI dropped to 57.6 from 58.4 in February.

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