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Germany PMI January 2024

Germany: Business activity remains below Eurozone average in January

The S&P Global Composite Purchasing Managers’ Index (PMI) fell to 47.1 in January from December’s 47.4. As a result, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in private-sector operating conditions compared to the previous month.

The print means that business activity remained below the Eurozone average in January for the sixth time in seven months. The decrease was due to a decrease in the Services PMI to 47.6 in January (December: 49.3); in contrast, the Manufacturing PMI clocked in at 45.4 in January, up from December’s 43.3. While output and new orders fell more sharply in the services sector compared to the prior month, they fell less sharply in the manufacturing sector. That said, while employment fell in the manufacturing sector—for the seventh consecutive month—it rose slightly in the services sector.

Looking at prices, input prices rose the most since April in the services sector and fell the least since April in the manufacturing sector. However, despite this, output inflation fell in both sectors. Finally, while business sentiment improved among services firms, it deteriorated among manufacturing firms.

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