FXStreet (Mumbai) – The flash German manufacturing PMI for June came-in at 51.9, beating the estimate of 51.3, and up from the previous month’s print of 51.1. On similar lines, the services PMI beat the expectations to print at 54.2.
The new business placed with German private sector companies in June rose at a slowest pace in 2015. Manufacturers reported a stronger rise in new work, partly attributed to an acceleration in growth for new export orders. Both input costs and output costs rose in June.
As per Oliver Kolodseike, Economist at Markit and the author of the Flash Germany PMI, “The latest flash PMI readings paint a mixed picture of the health of Germany’s private sector economy. While companies reported that output rose at a stronger rate than in May, the latest increases in new business and employment were only slight and suggest that activity growth may slow again in coming months. Moreover, the survey data for the second quarter signal it is unlikely GDP growth has picked up since the first quarter.”
(Market News Provided by FXstreet)