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Germany PMI June 2023

Germany: Composite PMI deteriorates in June

The HBOB Flash Composite Purchasing Managers’ Index (PMI) fell to 50.8 in June from May’s 53.9. As a result, the index remained above the 50.0 no-change mark, pointing to a continued, albeit moderating, improvement in private sector operating conditions from the previous month.

The Manufacturing PMI stood at 41.0 in June, down from May’s 43.2 and a more than three-year low. Lastly, the Services PMI fell to 54.1 in June (May: 57.2), a three-month low.

The print suggests that business activity is losing steam as demand weakens. In the manufacturing sector, output and new orders fell at the quickest rate in eight months, and employment rose only marginally. In the services sector, output and new orders expanded at slower paces, while employment grew at a slightly faster rate. In both sectors, respondents to the PMI survey pointed to elevated inflation and higher interest rates as the main brakes on activity. Looking at prices, in the manufacturing sector, input and output prices fell, while in the services sector, input and output prices continued to rise at a sharp pace. Finally, sentiment fell in both sectors.

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