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PMI: "Unprecedented" rise in output prices

GERMAN DATA
  • Upside surprise to manufacturing but downside surprise to services. More important, however is the rate of inflation which the press release describes as "unprecedented" for output prices. Highlights from the press release:
  • The "latest data pointed to an uptick in inflationary pressures across the German private sector, with October seeing faster increases in both input costs and output charges."
  • "The rate at which firms' input costs rose was the second-quickest in the survey history, just behind that seen in June... The rate of inflation in average charges for goods and services was the quickest since this series began in September 2002. Both monitored sectors saw unprecedented increases in output prices in October."
  • "Firms also reported hiring in the hope of greater activity in the coming months. Business expectations towards future activity showed a slight improvement in October and were above the historical average, although they were still the second-lowest in the year-to-date."
  • "The uptick in confidence was driven by the service sector. The degree of optimism among manufacturers, by contrast, continued to wane, dropping to the lowest since July last year."
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