23 August 2012 15:51 [Source: ICIS news]
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Markit said that preliminary data for its monthly manufacturing purchasing managers’ index (PMI) for
However, Markit’s composite PMI for Germany – which includes both manufacturing and services – fell to 47.0 points in August, from 47.5 in July, as the services sector weakened.
“Overall, the latest survey indicates that the German economy is sailing into greater headwinds as the third quarter progresses, with PMI readings slipping deeper into territory normally associated with GDP contractions,” said Tim Moore, senior economist at Markit.
“Outside of the 2008/2009 downturn, the German composite index hasn’t been this low for this long since the time of the 2003 recession,”
“Perhaps the most worrying but least surprising development in August was the accelerated reduction in new work from abroad, as manufacturers posted the steepest rate of export contraction since April 2009,” he added.
Markit’s PMI for
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