(MENAFN) According to a report from the US-based financial services company S&P Global on Thursday, the HCOB Flash Germany Manufacturing Purchasing Managers' Index (PMI) increased to 42.3 in November, marking the sector's slowest pace of contraction in six months.
While this represented an improvement from the prior month's figure of 40.8, it's important to note that manufacturing activity in November continued to contract, as any reading below the 50.0 threshold level indicates a contraction, while a reading above signifies growth.
In November, new work inflows experienced a decline for the seventh consecutive month, although at the slowest rate since June. Similarly, the report highlighted that new export business decreased, but at a more gradual pace.
The employment scenario in Germany depicted a continued decline, with job losses accelerating slightly in November, albeit still at a modest rate. Notably, the rate at which the manufacturing workforce dwindled was the swiftest in over three years, as outlined in the report.
On the pricing front, the report revealed that manufacturing purchasing costs in November witnessed the most substantial decline since August.
Cyrus de la Rubia, head economist at the Hamburg Commercial Bank, stated: "In manufacturing, there is a silver lining as the decline in new orders is tapering off. This is supported by both domestic and external orders."
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