German Manufacturing PMI drops to 46.3 in Feb
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Manufacturing PMI in Germany decreased to 46.30 points in February from 47.30 points in January of 2023.
The figure is lower than consensus of 46.5.
Output rises marginally amid record shortening of input lead times.
Decline in new orders eases but remains steep overall.
Input costs fall for first time in almost twoand-a-half years
- Germany February unemployment change 2k vs -15k prior, continues to reflect firm labour market conditions for the time being at least.
- Phil Smith, Economics Associate Director at S&P Global Market Intelligence, said: "Latest PMI data showed a welcome uptick in production levels across the German manufacturing sector in February, the first in nine months, amid a substantial easing of supply-chain bottlenecks. However, thanks in large part to a sustained slump in new orders, the headline PMI remained firmly in sub-50 contraction territory, and even moved to a three-month low due to a fall in the stocks of purchases subcomponent and strong downward pressure from the supplier delivery times index"