Formue

PMI: Tysk vækst bremser yderligere op

Mirroring the trend for output, German private sector companies also signalled a weaker rise in new business. While a pick-up in construction activity and rising domestic demand were reasons behind the overall increase, some survey participants linked the slowing in the rate of growth to economic uncertainties. Meanwhile, manufacturers reported a fourth successive monthly rise in new export orders. However, the latest expansion was the least marked in three months and only marginal overall.

The latest survey data signalled a continuation of private sector employment growth in Germany, with the rate of job creation accelerating slightly since April. According to sector data, service providers increased their workforce numbers at a stronger rate than manufacturers. Private sector backlogs in Germany fell for a second month running in May, signalling some spare capacity in the sector. The rate at which work outstanding fell was the most marked in 2015 so far. Some survey respondents linked this to weak new order growth and higher employment levels. Input costs faced by German private sector companies increased for a third month running in May.

The rate of inflation accelerated further and was the strongest in just over two-and-a-half years. Anecdotal evidence attributed higher costs to exchange rate factors, rising oil prices and increased staff costs. With input costs rising at a sharper rate, companies raised their charges further in May. The rate of output price inflation was in fact the highest since January 2014. The increase was largely driven by higher charges at service providers, as factory gate prices at manufacturers rose only fractionally.

German manufacturers were cautious about their stock policies in May, with both pre- and postproduction inventories falling since the previous month. Nevertheless, companies increased their buying activity slightly. Service sector companies remained optimistic that business activity at their units will increase over the next 12 months. The level of positive sentiment dipped, however, to a five-month low, with some panellists concerned about new tenant and landlord regulations. Overall optimism was meanwhile attributed to a positive order book situation and increased investments.

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