German manufacturers' recovery from lockdown measures continued last month, with output growing at the fastest pace since February 2018, a survey showed on Tuesday.
FILE PHOTO: The skyline with its financial district is photographed in Frankfurt, Germany, March 24, 2020, as the spread of the coronavirus disease continues. REUTERS/Kai Pfaffenbach
BERLIN - German manufacturers’ recovery from lockdown measures continued last month, with output growing at the fastest pace since February 2018, a survey showed on Tuesday. IHS Markit’s final Purchasing Managers’ Index for manufacturing, which accounts for about a fifth of the economy, rose to 52.2 in August, crossing the 50 mark that separates growth from contraction for the second time in 20 months.Phil Smith, principal economist at IHS Markit, said the recovery was not widespread as some German manufacturers were still struggling with weak demand.
“The encouraging top line numbers mask ongoing troubles in some sectors, especially machinery and equipment production, which is being hit by a lack of appetite for investment,” he said. “Factory jobs continued to be lost at an unsettling rate in August, which is bad news for domestic demand,” Smith added. “However, with backlogs of work at factories on the rise, we’re at least seeing the pace of staff cuts slowing down.”
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