EWG - Germany's manufacturing index drops to 38.8 steepest decline since pandemic
2023-08-01 04:05:15 ET
The HCOB Germany Manufacturing PMI dropped to 38.8 in July 2023, down from 40.6 the previous month and well below the market consensus of 41.0.
The latest reading signaled the steepest pace of deterioration in the manufacturing sector since the aftermath of the COVID pandemic in May 2020.
Factory output shrank at the fastest pace for over three years, while new orders contracted further and payroll numbers fell for the first time since January 2021.
On the price front, manufacturing purchase prices declined at one of the fastest rates in the series' history.
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Germany's manufacturing index drops to 38.8, steepest decline since pandemic