Downturn in German manufacturing suffers fresh setback, PMI shows
BERLIN - The downturn in Germany's manufacturing sector, which accounts for about a fifth of Europe's biggest economy, experienced a fresh setback in June as output and new orders declined at a faster pace, a survey showed on Monday.
One likely explanation for the weak exports orders is increasing competition from China, which is ramping up its exports worldwide due to sluggish domestic demand, he added. However, companies were more optimistic about the future than they were in May, with sentiment hitting the highest since February 2022.
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