German manufacturing PMI very...........>

GERMAN DATA: German manufacturing PMI very disappointing, services not so bad,

but details are also poor. Export orders and confidence continue to fall among

both services and manf. Employment weak, backlogs falling sharply.

Details from the press release below:

- "With services firms also reporting reduced inflows of new orders from abroad,

total new export business was down for an eleventh straight month in July."

- "Confidence among manufacturers towards future output sank sharply in July,

down to its lowest since late-2012 due in part to increased concerns towards the

outlook for the car industry. Service providers meanwhile expressed their

weakest optimism since December 2014, meaning that overall business confidence

was at its lowest in more than four-anda-half years."

- "The lack of incoming new work was reflected in a further decrease in

outstanding business"

- Backlogs in manuf saw quickest decline in "more than six years"

- "The pace of job creation across Germany slowed sharply in July, showing the

weakest rise in overall employment since April 2015"