Financial News: German Construction Downturn Deepens In November

German Construction Downturn Deepens In November

12/05/2024 - 09:01:00 (RTTNews)

(RTTNews) - Germany's construction sector logged further steeper contraction in November, purchasing managers' survey data from S&P Global showed Thursday.

The HCOB construction Purchasing Managers' Index fell to 38.0 in November from 40.2 in October. A score below 50.0 indicates contraction.

Among categories, housing activity was the worst-performing sector, and the commercial work fell at the fastest pace since January. Meanwhile, civil engineering declined at a slightly slower pace.

New orders fell at the steepest fall in six months amid weak demand conditions. Employment fell at a solid rate, and firms also made substantial cutbacks to purchasing activity.

On the price front, cost prices for building materials and products rose slightly, ending a seven-month sequence of decline.

Expectations regarding future output worsened considerably, and the degree confidence fall to 14-month low as firms expressed concerns that a backdrop of political uncertainty and economic weakness would weigh on demand.

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