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Germany PMI September 2023

Germany: Composite PMI rises in September

The HCOB Composite Purchasing Managers’ Index (PMI) rose to 46.4 in September from August’s 44.6. Consequently, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in private sector operating conditions compared to the previous month.

The Manufacturing PMI came in at 39.6 in September, up from August’s 39.1. Lastly, the services PMI activity index rose to 50.3 in September (August: 47.3).

Business conditions in Germany deteriorated more sharply than in the Eurozone overall for the third month running in September. The continuation of this relatively poor performance in September was largely due to the slump in manufacturing output; the sector continues to be hit hard by the war in Ukraine due to Germany’s dependence on exports to fuel growth and past reliance on Russian gas imports. New orders and employment in the sector also fell in September. More positively, services activity returned to growth, despite new orders and employment declining in the sector.

Turning to prices, input and output prices fell in the manufacturing sector and rose in the services sector.

Finally, business sentiment in both sectors worsened.

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