Financial News: German Private Sector Continues To Shrink

German Private Sector Continues To Shrink

11/22/2024 - 07:21:00 (RTTNews)

(RTTNews) - Germany's private sector continued to contract in November as sustained weakness in manufacturing output was compounded by the first fall in services activity for nine months, flash Purchasing Managers' survey compiled by S&P Global showed Friday.

The HCOB composite output index dropped to 47.3 in November from 48.6 in the previous month. The score signaled acceleration in the rate of decline in activity to the quickest since February.

Services business activity fell into contraction for the first time in nine months in November. The services PMI registered 49.4, down from 51.6 in the previous month. The expected score was 51.8.

Meanwhile, the manufacturing PMI advanced to a four-month high of 43.2 from 43.0 in the previous month. The reading was slightly above forecast of 43.1.

"The political uncertainty, which has increased since Donald Trump's election as US president and the announcement of snap elections in Germany on February 23, isn't helping," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

"However, the modest increase in the future output index might reflect some hope that the next German government will manage to turn the economy around with bold measures, for example by reforming the debt break," de la Rubia added.

The survey showed that weaker demand for goods and services led to further job losses during the year's penultimate month. Further, the rates of input cost and output price inflation climbed to the highest for three months, reflecting stronger price pressures in the service sector.

Meanwhile, business expectations edged up from September's recent low to the highest for three months on hopes of a boost to the economy following elections next year.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Improves Less Than Previously Estimated In November (03 hr(s), 01 min(s), 29 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. improved less than previously estimated in the month of ...Full Story»

Mexico Q3 GDP Growth Eases Less Than Estimated (04 hr(s), 50 min(s), 29 sec(s) ago)
(RTTNews) - The Mexican economic growth moderated less than initially estimated in the third quart ...Full Story»

Eurozone Private Sector Falls Back Into Contraction (05 hr(s), 11 min(s), 29 sec(s) ago)
(RTTNews) - The euro area private sector fell back into the negative territory in November as serv ...Full Story»

German Private Sector Continues To Shrink (06 hr(s), 01 min(s), 29 sec(s) ago)
(RTTNews) - Germany's private sector continued to contract in November as sustained weakness i ...Full Story»

France Private Sector Falls Deep Into Contraction (06 hr(s), 24 min(s), 29 sec(s) ago)
(RTTNews) - France's private sector contracted the most since January as prolonged weakness in ...Full Story»

UK Private Sector Contracts Modestly In November (07 hr(s), 29 min(s), 29 sec(s) ago)
(RTTNews) - The UK private sector activity deteriorated for the first time in just over a year in ...Full Story»

UK Retail Sales Fall More Than Expected (09 hr(s), 0 min(s),29 sec(s) ago)
(RTTNews) - UK retail sales declined more than expected in October as consumers reduced their spen ...Full Story»

Lithuania Industrial Production Falls 0.4% (09 hr(s), 56 min(s), 29 sec(s) ago)
(RTTNews) - Lithuania's industrial output decreased in October due to a sharp contraction in t ...Full Story»