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Financial News: Germany Construction Sector Continues To Shrink

Germany Construction Sector Continues To Shrink

12/06/2021 - 05:23:00 (RTTNews)

(RTTNews) - Germany's construction sector continued to contract in November but the pace of decline slowed, survey data from IHS Markit showed on Monday.

The construction Purchasing Managers' Index rose marginally to 47.9 in November from 47.7 in October.

Although the reading was below the 50.0 no-change threshold, the score was the highest since August 2020.

Activity was down across the board, according to sub-sector data. Civil engineering remained the worst-performing area despite seeing its rate of contraction ease to the weakest since July.

Commercial activity showed a renewed decline following a brief uptick in October, while housing activity posted a further marginal decrease.

New orders dropped at a faster pace in November as some panelists indicated that higher prices made it more difficult to secure new work.

Price pressures in the construction sector continued to be driven in part by higher costs for building materials and products. The rate of input price inflation eased further from July's all-time peak.

Further, the proportion of companies reporting longer input lead times remained elevated by historical standards in November.

Construction sector employment continued to strengthen. The rate of job creation was quicker than those seen in September and October.

Expectations among contractors worsened to its lowest level since June. Sentiment was weighed down by concerns about the effects of higher prices, lingering supply chain issues, and the direction of the pandemic.

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