Energy costs push Germany flash PMI to 29-month low - S&P Global
Reuters
Published Oct 24, 2022 04:44AM ET
BERLIN (Reuters) - Germany's economic downturn deepened in October, the flash S&P Global (NYSE:SPGI) composite purchasing managers' index showed on Monday as its reading fell to 44.1 from 45.7 in September, the lowest since May 2020, when the country was under a COVID lockdown.
High energy costs were a major factor, especially in manufacturing, where the rate of contraction was at its fastest in two-and-a-half years, though manufacturing was also hit by weaker demand, S&P Global said.
The flash manufacturing PMI fell to 45.7 from 47.8 the month before.
"The flash PMI data show the downturn in German business activity gathering pace at the start of the fourth quarter, adding to the growing signs of an impending recession," said Phil Smith, economics associate director at S&P Global Market Intelligence.
Germany's flash services PMI fell to 44.9 from 45.0.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.