Germany's manufacturing PMI tumble unexpectedly in March

By Tuba Sahin

ANKARA (AA) - Germany's manufacturing purchasing managers’ index (PMI) unexpectedly plunged to a 34-month low in March, according to preliminary flash data released on Friday.

The S&P Global Flash Germany Manufacturing PMI fell to 44.4 in March, its lowest since May 2020, as the decline in input prices deepened and supplier delivery times shortened at an unprecedented rate.

"This was driven predominantly by the supplier delivery times component, which, due to being inverted in the calculation of the PMI, imparted a deeply negative directional influence as it surged to a new record high," the S&P Global said.

The market forecast increased to 47 in March from February's reading of 46.3.

The main reading was below 50, the threshold that separates growth from contraction, for the ninth consecutive month.

Flash Germany Manufacturing Output Index was marginally down to 50.1 in March with better material availability helping support production levels in some cases.

The rate of job creation across manufacturing was unchanged from the modest pace recorded in the previous survey period.