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Market Update: German Private Sector Activity Remains Strong
The IHS Markit Composite PMI for Germany was unrevised at 56.2 in May of 2021, above 55.8 in April, with services rebounding (52.8 vs 49.9 in April) and manufacturing (64.4 vs 66.2) remaining at strong levels. Overall new business registered the steepest rise since December 2017. Again, manufacturing continued to see the stronger demand conditions, but it was a return to growth in services new business that underpinned the improved performance. The rate of private sector job creation was at a 31-month high and backlogs of work rose at the second-fastest rate since this series began in September 2002. Turning to prices, the rate of inflation of average charges for goods and service reached a record high in May amid unprecedented business cost pressures. Expectations towards the year-ahead outlook for activity edged higher and were just below March’s series high. There was a slight convergence at the sector level, though manufacturers remained by far the more optimistic. source: Markit Economics [/s2If]
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