September data signalled ongoing growth of German manufacturing, with the rate of improvement in the sector reaching a three-month high. This was highlighted by the final seasonally adjusted Markit/BME Germany Manufacturing Purchasing Managers’ Index® (PMI® ) – a singlefigure snapshot of the performance of the manufacturing economy – rising from August’s 53.6 to 54.3. The PMI has signalled growth in each of the past 22 months.
In response to rising demand, manufacturers scaled up their production volumes in September. The rate of increase was unchanged from August and solid overall. Survey data signalled that output expanded at consumer, intermediate and investment goods producers.
Some companies used existing stock in order to satisfy higher demand. This was signalled by a reduction in post-production inventories. Moreover, the rate at which stocks of finished goods fell was the most marked in over six-and-a-half years.
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