German Final Manufacturing PMI: 36.6 vs 36.8 preliminary
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German Final Manufacturing PMI: 36.6 vs 36.8 preliminary
Markit notes in the recent release that "Germany's manufacturing sector continued to be severely impacted by the coronavirus disease 2019 (COVID-19) pandemic in May, with the rates of decline in output and new orders remaining sharp following April's record falls. Notably, with firms operating well below full capacity and remaining pessimistic about the outlook for output, the rate of factory staff cuts accelerated to the quickest for 11 years".
"Manufacturing production was already down 7-8% from a peak in late-2017 even before the onset of the pandemic, and now that figure looks to be in the region of 25-30%. With production as far as it is below capacity and manufacturers not expecting a full recovery anytime soon, factory job losses have continued to accelerate, led by another round of staff cuts in the particularly ravaged investment goods sector."
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