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Financial News: Germany Private Sector Downturn Continues In November

Germany Private Sector Downturn Continues In November

11/23/2022 - 06:44:00 (RTTNews)

(RTTNews) - Germany's private sector activity continued to remain in contraction in November, albeit the rate of decline eased as price pressures retreated from recent highs, flash survey data from S&P Global showed on Wednesday.

The flash composite output index rose to a 3-month low of 46.4 in November from 45.1 in August. The index was forecast to fall further to 44.9.

However, any reading below 50 indicates contraction in the sector.

At the sector level, manufacturing and services both reported sustained downturns in November, the survey said.

The services Purchasing Managers' Index fell to a 2-month low of 46.4 in November from 46.5 in the prior month. The score was forecast to drop to 46.2.

The manufacturing PMI rose to a 2-month high of 46.7 in November from 45.1 in October. The expected score was 45.0.

"Business confidence has steadied somewhat, with a mild autumn having perhaps allayed concerns about gas shortages over the winter," Phil Smith, a senior economist at S&P Global Market Intelligence said.

"Expectations have merely improved from ultra-low levels, meaning they are still rooted deeply in negative territory as firms continue to highlight concerns about the soaring cost of living, rising interest rates and still-high uncertainty."

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