Germany's manufacturing PMI revised upwards

By Tuba Ongun

ANKARA (AA) - Germany's manufacturing purchasing managers' index (PMI) came in at 44.5 in April, revised slightly up from preliminary flash data, according to the US-based financial services company S&P Global on Tuesday.

Germany’s Hamburg Commercial Bank Manufacturing PMI slightly decreased from 44.7 in March, due to weakness in demand.

While a level above 50 indicates expansion, below 50 stands for contraction.

Manufacturing output rose modestly, thanks to easing supply constraints, but downward pressure on new orders continued, led by customer hesitancy and efforts to unwind buffer stocks, the S&P Global report said.

The shortening of lead times and recovery in material availability provided a tailwind for manufacturing production, which rose for a third consecutive month.

Factory gate inflation slowed to a 27-month low, reflecting growing competition for new work and a deepening fall in input costs.

Job creation at manufacturers was the weakest in the current 26-month sequence of employment gains.