The index S&P Global Manufacturing PMI for Germany is up a tenth in May, standing at 54.7 compared to 54.6 in April, marking a two-month high. The result improves the 54 points expected by the market consensus.
The Preliminary services PMI has retreated to 56.3, minimum of two months, after marking 57.6 the previous month. The result disappoints expectations of a smooth pullback to 57.2.
According to the S&P Global statement, the latest data points to continued growth in business activity across the German economy in May, led by a strong recovery in the country’s services sector. However, there are signs that demand is starting to come under pressure from market uncertainty, rising prices and supply issues.
The manufacturers reported the biggest drop in new orders for almost two years. Inflationary pressures remained high, although input cost and output price inflation rates eased slightly from April’s record highs.
Source: Fx Street
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