Germany: Composite PMI improves in April
The flash HCOB and S&P Global Composite Purchasing Managers’ Index (PMI) rose to 53.9 in April from March’s 52.6. April’s result marked the strongest reading since April 2022. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.
The manufacturing PMI landed at 44.0 in April, down from March’s 44.7. Lastly, the services PMI increased to 55.7 in April (March: 53.7).
The print suggests a less dim economic outlook than had earlier been anticipated. After declining for seven months, business conditions improved for the third consecutive month. Meanwhile, after falling for eight months in a row, manufacturing output grew for the third consecutive month, and services output grew at the fastest pace in a year. Furthermore, employment continued to rise in both sectors. Additionally, output and input inflation fell in both sectors. Finally, business sentiment was unchanged among manufacturers but fell slightly among service providers.