Germany's manufacturing PMI at 2-month low in January

By Gokhan Ergocun

ISTANBUL (AA) - Germany's manufacturing sector purchasing managers index (PMI) saw a two-month low in January, according to provisional figures from S&P Global.

The PMI figure was at 47.1 in December while it is expected to drop to 47 in January, the US-based financial services provider said on Tuesday.

It stressed that despite easing supply chain problems and inflation, other underlying cost pressures were affecting the manufacturing sector.

"The survey continued to highlight multiple headwinds to demand, including steep inflation, tightening financial conditions, investment reticence and, in the case of manufacturing, inventory reduction, which altogether led to a further broad-based fall in inflows of new work. That said, rates of decline did at least ease somewhat, to show the slowest overall reduction in new business for seven months," it said.