Germany's export-dependent manufacturing sector remained in contraction in ...
BERLIN - Germany’s export-dependent manufacturing sector remained in contraction in August, a survey showed on Monday, as weaker demand pushed companies to scale back production and cut jobs.
IHS Markit’s Purchasing Managers’ Index for manufacturing, which accounts for about a fifth of the economy, rose slightly to 43.5, remaining below the 50.0 mark separating growth from contraction for an eight month in a row.Lower demand, especially for capital and intermediate goods, was behind the continued weakness in the sector. Manufacturers also cited reduced demand from the car industry, which is facing lower sales.
“Manufacturing is now not only in recession, but the PMI data also point to deflationary forces building with regard to producer prices as supply outstrips demand.”
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