BERLIN (Reuters) – The recovery in Germany’s manufacturing sector accelerated in September, with output growing at the fastest pace in more than two years, a survey showed on Thursday.
IHS Markit’s final Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose to 56.4 in September.
That was lower than a flash estimate of 56.6 but far higher than August’s reading of 52.2.
Phil Smith, principal economist at IHS Markit, said both orders and output were rising all across the manufacturing sector, helped by growing export demand.
“Even investment goods producers, who have generally underperformed in the recovery up to now, enjoyed a much better month in September,” Smith said.
But he added that firms were still struggling financially, which could be seen in further job cuts and shrinking inventories.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.