GERMAN DATA
Key notes from the release:
- “The drag from the manufacturing sector increased as goods production posted its steepest rate of contraction for 12 months (index at 40.5). At the same time, support to the economy from growth in the service sector continued to wane”
- “A renewed decline in new work received by services firms coincided with a deepening downturn in manufacturing new orders. New export business also fell on a broad-based basis and at a quicker rate”.
- “Latest data showed a fourth straight month of job losses”…"Pessimism towards the outlook reflected a range of factors that included recession concerns, market uncertainty and weakness in the automotive and construction sectors”.
- “Latest data showed a notable softening of inflationary pressures across the eurozone’s largest economy, with price increases in the services sector easing and discounting becoming more prevalent across manufacturing”.
204 words