FRANKFURT (Dow Jones)–The decline in German industry slowed in January. The purchasing managers’ index compiled by S&P Global in this sector rose to 45.5 from 43.3 points. Economists had expected a reading of 45.4. In the first publication a value of 45.4 was determined. From 50 points onwards, the economic barometer signals growth, including contraction.
“It could have been worse,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. “Although Germany’s manufacturing sector remained in recession in January, the pace of the downturn is unmistakably slowing. This continues a trend that has been going on for half a year now. Such a trend suggests that growth will continue in the next could pick up again in months.”
Link: https://www.pmi.spglobal.com/Public/Release/PressReleases
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(END) Dow Jones Newswires
February 01, 2024 04:09 ET (09:09 GMT)