GERMANY – FALL IN NEW ORDERS
PARIS, Aug 1 (Reuters) – Key final results from S&P Global’s surveys of manufacturing purchasing managers in Europe, released on Monday:
* GERMANY – NEW ORDERS DROP
BERLIN – Activity in Germany’s industrial sector contracted in July for the first time in more than two years, due to a drop in new orders.
The PMI manufacturing index fell to 49.3 against 52.0 in June and 49.2 in “flash” estimate.
The new orders index came out at 40.1, falling below the 50 mark that separates growth and contraction. This is its lowest level since May 2020.
“The possibility of a gas shortage has German industrialists seriously worried about their production outlook for the coming year,” said Phil Smith, managing partner at S&P Global Market Intelligence.
Germany’s economy stagnated in the second quarter, according to Destatis data released on Friday citing the effects of the COVID-19 pandemic, supply chain disruptions and the war in Ukraine. (Report Paul Carrel, French version Laetitia Volga, edited by Kate Entringer)