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German PMI growth supported by output and new orders increase

Friday, Aug 21 2015

Germany’s private sector economy shifted into a higher gear in August, with output and new orders both increasing at the sharpest rates in four months. Moreover, the survey data highlighted that workers continued to feel the benefit of stronger demand, with many companies adding further to their payrolls. The rate of job creation was the strongest since late-2011. Flash Germany Manufacturing PMI rose to 53.2 from 51.8 in July, what is a 16-month high. No change was predicted.

Encouragingly, manufacturers reported accelerated production growth, adding to signs that Germany’s goods-producing is in a better shape than last quarter, when official data signalled only a fractional increase in manufacturing output. Meanwhile, service providers continued to record above-average growth too, with the rate of expansion in output little-changed since June. Flash Germany Services Activity Index was at 53.6 from 53.8 in July, 3-month low, but in line with market forecasts.

 

After the data euro fell and is currently being traded few points above 1.1250 handle. Pair is likely to find support around 01.12 area and resistance above 1.13 level. Later today, Eurozone Manufacturing PMI figures are scheduled for a release.

More in this category: « French PMI fell to a four-month low Eurozone Manufacturing PMI rose in July »

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