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Financial News: Germany Manufacturing PMI Climbs To 3-Year High

Germany Manufacturing PMI Climbs To 3-Year High

02/01/2017 - 05:17:00 (RTTNews)

(RTTNews) - Germany's manufacturing sector expanded less than initially estimated in January to its strongest level in three years, final data from IHS Markit showed Wednesday.

The Markit/BME manufacturing Purchasing Managers' Index rose to 56.4 in January from 55.6 in December.

The flash PMI reading was 56.5. Any score above 50 indicates expansion in the sector.

Both output and new orders grew at the fastest rates since early 2014. Consequently, firms raised their workforce number in January, with the rate of job creation was the most marked since August 2011.

On the price front, input price inflation accelerated to a 68-month high in January, driven by increased raw material prices.

"Some companies raised their tariffs to protect margins but, with the pace of cost inflation still far exceeding that for charges, there seems scope for further price hikes in the early part of the year," Philip Leake, Economist at IHS Markit said.

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