S&P Global reports the final reading for Germany’s August Manufacturing PMI: The slump in German manufacturing extended into August, with output declining at an accelerated pace amid a rapid drop in new orders.
Producers of goods remain pessimistic about the outlook for the coming year, albeit slightly less so than in July.
Simultaneously, weakening demand across the sector has led to a decline in input costs and factory gate prices, although the rate of decrease has moderated compared to July.
The HCOB German Manufacturing PMI recorded 39.1 in August, a slight improvement from July’s 38.8.
Despite a minor uptick in this index, primarily attributed to supplier delivery times, it marks the second-lowest level since May 2020, and it remains firmly within the contraction territory, staying below the critical 50 threshold.