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Financial News: Germany Construction Sector Continues To Shrink

Germany Construction Sector Continues To Shrink

11/07/2022 - 04:46:00 (RTTNews)

(RTTNews) - Germany's construction sector continued to contract in October as rising costs, higher interest rates and the prospects of recession dampened demand, survey results from S&P Global showed on Monday.

The construction Purchasing Managers' Index came in at 43.8, up from September's 19-month low of 41.8. Nonetheless, a reading below 50.0 indicates contraction.

"The extent of the downturn in total industry activity eased somewhat in October, but with the economy appearing to be heading for recession over the winter, it's likely that further weakness lies ahead," Phil Smith, economics associate director at S&P Global Market Intelligence, said.

The reduction in construction activity was led by the housing sector. In the commercial and civil engineering segments, the rates of decline in activity were similarly solid but eased notably in both cases.

The survey showed that weighing on output levels in October was another fall in inflows of new work.

Input price inflation quickened for the second month in a row, taking it to the highest since June. The increase was driven by soaring energy and raw material prices amid supply shortages.

Building companies' expectations slumped to the second-lowest on record. Further, firms reported further retrenchment on the employment front as panelist partly liked it to the non-replacement of leavers.

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