S&P Global: Deutsche Industrie wird optimistischer
Der Einkaufsmanagerindex zeigt: Trotz Niedrigwasser und der schwierigen geopolitischen Lage bessert sich die Stimmung der deutschen Industrie. Ökonomen hatten mit einem Rückgang gerechnet.
Deutsche Industrie showed increased optimism in August as growth accelerated, according to an S&P Global report. The Purchasing Managers' Index rose surprisingly by 1.9 points to 54.1, the highest since over four years. The index remained above the 50 mark, signaling growth. Economists from Reuters had predicted a slight decline to 52.0 points.
Phil Smith, an economist at S&P Global Market Intelligence, noted that the recovery in the industry gained momentum after a stagnation sign in the second quarter. Production, orders, and exports all rose to levels not seen since early 2022. This indicated "certain correction effects" following uncertainty caused by rising oil prices due to the war in the Middle East.
Increasing defense spending also began to make an impact. However, it remains to be seen whether this growth momentum can be sustained, especially considering ongoing supply risks. Smith emphasized that the notable turnaround in business outlook among manufacturers suggests the rebound is on solid footing. In contrast, service providers' index fell by 1.3 points to 48.5.
While the services sector has continued to weigh on growth, a second slight increase in orders and renewed hiring in the sector suggest business activity could improve soon. Low water levels on major rivers like the Rhine and rising transport costs are expected to significantly affect industrial production and export growth. The Bundesbank reported that the Gross Domestic Product is likely to grow only slightly.
More details are available in the ZEW Barometer's unexpected surge, but "additional risk from low water remains."
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