Economic Buzz: Germany PMI Composite Output Index At 45.9 In September

23 Sep 2022 , 02:40 PM

The headline S&P Global Flash Germany PMI Composite Output Index registered in sub-50 contraction territory for the third straight month in September. Furthermore, the decline in activity deepened, with the index falling from Augusts 46.9 to 45.9 – its lowest since May 2020. The deterioration owed to a steep and accelerated decline in service sector activity that was the quickest for 28 months. Manufacturing production was meanwhile down for the fourth month in a row, though the rate of contraction eased to the slowest since June amid some reports of improved raw material supply. Amid a backdrop of persistently high inflation, economic uncertainty and increased energy costs, firms recorded a substantial reduction in demand and revised down their expectations for future output to the lowest since the first wave of the COVID-19 pandemic. Inflationary pressures meanwhile intensified.Powered by Commodity Insights