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Financial News: German Private Sector Growth Lowest In 4 Months

German Private Sector Growth Lowest In 4 Months

07/24/2019 - 04:52:00 (RTTNews)

(RTTNews) - Germany's private sector grew at the slowest pace in four months in July as the downturn in manufacturing continued, flash data from IHS Markit showed on Wednesday.

The flash composite purchasing managers' index, or PMI fell to 51.4 in July from 52,6 in June. Economists had forecast a score of 52.3.

However, any reading above 50 indicates an expansion in the sector.

The flash manufacturing PMI dropped to 43.1 in July from 45.0 in the previous month. Economists had forecast a score of 45.2. This was the lowest reading in seven years.

The flash services PMI decreased to 55.4 in July from 55.8 in the preceding month. Economists had forecast a score of 55.2. The latest reading was the slowest in two months.

New business contracted for the fifth time in the past seven months in July and total new export orders declined for the eleventh straight month.

Backlogs of work fell in manufacturing at the fastest rate since June 2009 and rose slightly in the services sector, which led to the overall decline in six-and-a-half years.

Private sector job creation slowed sharply in July to the weakest since April 2015.

On the cost front, input price inflation eased to the lowest level in three years in July. Output prices rose at a slower pace, with the rate of inflation easing to the weakest since November 2016.

The overall business confidence was the lowest in four-and-a-half years.

"The health of German manufacturing went from bad to worse in July, according to the flash PMI data, raising the risk of the euro area's largest member state entering a mild technical recession," Phil Smith, principal economist at IHS Markit, said.

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