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October data highlighted a solid rise in private sector output in Germany. The Markit Flash Germany Composite Output Index recovered from September’s 16-month low of 52.8 and posted 55.1, thereby signalling an acceleration in the rate of growth.
Moreover, underlying data revealed that faster expansions were recorded at both manufacturers and service providers. The increase in overall activity was supported by the sharpest rise in new business this year so far. Demand for German services picked up, having increased only marginally in the prior month. Meanwhile, new orders placed with manufacturers continued to rise at a solid pace.
Part of the increase was attributed to stronger demand from foreign clients, with Asia and the US mentioned specifically as sources of export growth. The sharp rise in new order volumes encouraged companies to further add to their payroll numbers at the start of the fourth quarter. The rate of job creation accelerated since September and was the most marked in just over five years.
“The German economy has entered the fast lane again at the start of the fourth quarter, with output growth accelerating from September’s recent low. The improvement in the PMI in October lifts hopes that the weaker expansions we have seen in the past two months were just a temporary soft patch, rather than the beginning of a serious slowdown.
“Another key takeaway from today’s survey results is the return to solid output growth at service providers, after activity came to a near-standstill in the prior month. Moreover, the data signal that domestic fundamentals are strong, with demand for German goods and services increasing sharply and companies adding to their payroll numbers to the greatest extent in just over five years.
“On the price front, there are some clear signs that inflationary pressures are picking up, which should provide welcome news for policy makers in Frankfurt. Input costs rose at the fastest pace in nearly one-and-a-half years and companies raised their charges to the greatest extent since early- 2014.” -End
