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- Germany's preliminary manufacturing PMI falls in February, while services PMI rose
Germany's preliminary manufacturing PMI falls in February, while services PMI rose
Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for Germany on Monday. Germany's preliminary manufacturing PMI fell to 50.2 in February from 52.3 in January, missing forecasts of a decline to 52.0. It was the slowest reading since November 2014.
The fall in the manufacturing PMI was driven by a weaker increase in new export business, a drop in purchasing activity and input prices.
Germany's preliminary services PMI was up to 55.1 in February from 55.0 in January. Analysts had expected index to decrease to 54.7.
The decline of the services PMI was driven by a faster growth in new business.
"The German economy appears to be in the midst of a slowdown, according to February's flash PMI results. Although the PMI is still signalling an overall expansion in economic activity, the rate of increase slowed for the second month running and was the weakest since last July," Markit's economist Oliver Kolodseike noted.
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