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Financial News: Germany's Construction Sector Continues To Contract

Germany's Construction Sector Continues To Contract

11/05/2020 - 07:53:00 (RTTNews)

(RTTNews) - Germany's construction sector contracted for the eighth straight month in October due to sustained declines in activity and new orders, survey data from IHS Markit showed Thursday.

The construction Purchasing Managers' Index fell to 45.2 in October from 45.5 in September. This was the biggest fall since June. A score below 50 indicates contraction.

New orders decreased markedly in October as the pandemic weighed on client budgets and decision making. Further, constructors' sentiment worsened for the second straight month to the lowest since May.

With firms' expectations also deteriorating, there were further cutbacks to both employment and purchasing activity during the month.

On the cost front, latest data showed an increase in average prices paid for construction materials and products. At the same time, charges levied by subcontractors rose at the fastest pace since March.

Phil Smith, principal economist at IHS Markit, said the Covid-19 continues to weigh on demand for building work, and constructors have turned more pessimistic about the outlook for activity over the coming year through growing fears of its impact on investment among businesses, households and local authorities alike.

This suggests the pandemic's impact on the construction sector is set to linger on, the economist added.

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