Germany’s flash Manufacturing PMI unexpectedly drops to 53.8 in September
German flash HCOB Manufacturing PMI has come in lower at 53.8 in September. The data was expected to arrive higher at 54.5 from 54.3 in August. However, the overall business activity remain stronger-than-expected due to robust Services PMI data.
Germany's flash Manufacturing Purchasing Managers Index (PMI) unexpectedly fell to 53.8 in September, lower than the anticipated 54.5. Despite this decline, overall business activity remained stronger-than-expected due to robust Services PMI data. The Composite PMI rose to 53.8 from the previous reading of 51.8, while the Services PMI returned to positive territory at 52.9 from 49.7 in August.
German businesses reported signs of resilience in September, with output growth accelerating, expectations for the outlook staying steady, and employment rising for the second month in a row. However, renewed pressure on inflation remained a concern. The Euro (EUR) remained relatively muted despite the strong German Composite PMI data, with EUR/USD down 0.22% to near 1.1424 due to the US Dollar's outperformance.
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