Financial News: German Construction Sector Downturn Deepens In October

German Construction Sector Downturn Deepens In October

11/07/2023 - 06:20:00 (RTTNews)

(RTTNews) - Germany's construction sector contracted the most in three-and-a-half years in October with steep declines in demand and employment, purchasing managers' survey results from S&P Global showed on Tuesday.

The HCOB construction Purchasing Managers' Index dropped to 38.3 in October from 39.3 in September. A score below 50.0 indicates contraction.

The downturn was again led by the housing sector as the decline in residential project works was one of the biggest in the series history. Civil engineering activity decreased at a quicker pace and commercial activity shrank at a pace similar to the previous survey period.

Inflows of new work dropped for a twentieth consecutive month in October. Falling workloads in turn led companies to scale back their workforce numbers.

Constructors made deeper cutback to their purchasing activity and lead times on building materials improved.

On the price front, the survey showed that input prices declined at the weakest pace since July and rates charged by subcontractors edged fractionally lower.

Constructors were downbeat about prospects for activity over the next twelve months. Expectations picked up from September though merely from a near-record low.

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