01 September 2011 20:04 [Source: ICIS news]
Markit Economics, citing its latest purchasing manager index (PMI) data for Germany, said production growth in
Markit’s PMI for
The group said that August saw a downturn in German sales to export markets, as well as a further reduction in new business from abroad.
“Slower manufacturing growth mainly reflected the sharpest fall in new export orders since mid-2009,” said Markit senior economist Tim Moore.
“Heightened uncertainty about the global economic outlook and the escalating euro area debt crisis were cited as the main reasons why export clients put the brakes on spending in August,”
Meanwhile, stocks of finished goods at manufacturing firms accumulated at the steepest pace since the PMI survey began in April 1996, suggesting that sales were much weaker than expected in August, the group said.
In related news on Thursday, ICIS reported that
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