Germany's manufacturing PMI at 3-year low in May

By Tuba Ongun

ANKARA (AA) - Germany's manufacturing purchasing managers’ index (PMI) hit a three-year low in May, signaling deterioration in factory activity amid weak demand, according to the US-based financial services company S&P Global on Thursday.

The Hamburg Commercial Bank (HCOB) Manufacturing PMI for Germany was revised slightly higher to 43.2 in May, from the preliminary figure of 42.9.

The contraction was led by a broad-based weakening of demand, due to de-stocking efforts among customers, a waning appetite for investment, an uncertain outlook, and pressure on client budgets.

New orders dropped at the fastest pace in six months in May, driven by dipping export sales.

Manufacturing production contracted for the first time after posting modest gains in the previous three months.