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German Manufacturing PMI Highest Since June 2008 70 days ago
(RTTNews) - Germany's manufacturing sector improved further in November and above the flash estimate, the BME/Markit Economics said on Tuesday.
The seasonally adjusted manufacturing Purchasing Managers' Index or PMI increased to 52.4 in November from 51 in October. The PMI reading in November was revised up from 52 reported initially. Economists were looking for a reading of 52.
A PMI reading above 50 suggests expansion in activity, while below 50 suggests contraction. The latest PMI reading was the highest since June 2008, and the reading stood above 50 for the second straight month in November.
Tim Moore, economist at Markit said, "Output in the German manufacturing sector rose at the strongest pace for twenty-six months in November, as firms responded to a continued rebound in global demand."
"Input costs were close to stabilization in November, in contrast to the record falls seen in the first quarter of 2009, which restricted manufacturers' ability to cut charges and led to the slowest rate of price discounting in eleven months. "
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