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Financial News: Germany Construction Sector Continues To Shrink

Germany Construction Sector Continues To Shrink

09/06/2022 - 07:46:00 (RTTNews)

(RTTNews) - Germany's construction sector contracted for the fifth straight month in August due to a sustained fall in new orders amid high inflation and economic uncertainty, survey results from S&P Global showed Tuesday.

The construction Purchasing Managers' Index fell to 42.6 in August from 43.7 in July. A score below 50.0 indicates contraction. The index signaled an accelerated rate of decline and one that was the quickest since February 2021.

The contraction in activity was broad-based by construction category. The commercial segment posted the biggest fall in 18 months. Both housing activity and civil engineering also registered faster rates of decline in August.

Reflecting a multitude of headwinds to demand for building work, new orders shrank for the sixth straight month in August.

Firms were deeply pessimistic about the outlook for activity over the next twelve months. Staffing levels decreased for the fifth month in a row. There was a further reduction in purchases of building materials. Cost pressures eased in August but remained elevated.

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