Germany's manufacturing PMI reads slightly above flash estimate in November

By Tuba Ongun

ANKARA (AA) – The Germany manufacturing purchasing managers’ index (PMI) came in slightly above initially estimated, according to a report by the US-based financial services company S&P Global on Friday.

The Hamburg Commercial Bank PMI rose for the fourth straight month to 42.6 in November, the slowest pace of contraction in the sector in six months.

The flash PMI for German manufacturing sector was at 42.3.

The hike in data standing below the 50 no-change threshold suggested that the downturn in Germany's manufacturing sector was cooling, with the slowest drops reported in both output and new orders since May.

Trends in the consumer and investment goods groupings, which moved closer to stabilization, backed the production in November.

Factory employment fell further in November to the greatest extent since October 2020.

As well as cutting staffing capacity during November, German manufacturers once again scaled back their purchasing activity, according to the report.

Expectations towards future activity meanwhile improved but remained pessimistic, it added.