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PMI: Details more concerning

GERMAN DATA

Manufacturing PMI rose a tenth (7 tenths above consensus), services missed expectations by 8 tenths and composite rose 3 tenths (beat consensus by 7 tenths). Unlike the French data, the German data looks a bit more concerning, and price pressures remained strong, but didn't set a new record this month.

  • "there were signs of demand starting to come under pressure from market uncertainty, rising prices and supply issues, with manufacturers reporting the steepest drop in new orders for almost two years... overall inflows of new business continued to rise in May, growth slowed to the weakest in the current five month sequence and was confined to the service sector."
  • "Manufacturers faced a particularly steep decline in new export orders, which contrasted with a slight uptick in new business received from abroad across the service sector."
  • "The overall rates of increase in both input costs and output prices eased slightly from April’s record highs, although they were still faster than at any other time in the series history."
  • "Business confidence towards the year-ahead outlook for activity remained relatively subdued in May. Expectations ticked up slightly from April, owing to slightly stronger optimism among services firms, though they were still the second-lowest in the past two years as businesses continued to voice concerns over rising prices, supply bottlenecks and heightened uncertainty. This was especially the case in manufacturing, where expectations turned increasingly pessimistic."
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Manufacturing PMI rose a tenth (7 tenths above consensus), services missed expectations by 8 tenths and composite rose 3 tenths (beat consensus by 7 tenths). Unlike the French data, the German data looks a bit more concerning, and price pressures remained strong, but didn't set a new record this month.

  • "there were signs of demand starting to come under pressure from market uncertainty, rising prices and supply issues, with manufacturers reporting the steepest drop in new orders for almost two years... overall inflows of new business continued to rise in May, growth slowed to the weakest in the current five month sequence and was confined to the service sector."
  • "Manufacturers faced a particularly steep decline in new export orders, which contrasted with a slight uptick in new business received from abroad across the service sector."
  • "The overall rates of increase in both input costs and output prices eased slightly from April’s record highs, although they were still faster than at any other time in the series history."
  • "Business confidence towards the year-ahead outlook for activity remained relatively subdued in May. Expectations ticked up slightly from April, owing to slightly stronger optimism among services firms, though they were still the second-lowest in the past two years as businesses continued to voice concerns over rising prices, supply bottlenecks and heightened uncertainty. This was especially the case in manufacturing, where expectations turned increasingly pessimistic."