UK private sector moves closer to stagnation in August, with manufacturers reporting the sharpest fall in production since May 2020
The downturn in Germany’s private sector economy has deepened too.
The Flash Germany PMI Composite Output Index has fallen to just 47.6 this month, from July’s 48.1.
Continued weakness in manufacturing is being compounded by a slowdown in the service sector, with surveyed businesses reporting a growing strain on demand from high inflation and increased interest rates.
“The slowdown in the economy is increasingly taking a toll on firms’ hiring activity, with employment growth easing to its weakest for almost a year-and-a-half in August. A first fall in backlogs of work for more than two years points to capacity pressures across Germany’s private sector economy starting to ease and represents a downside risk to job creation going forward.
Flash Germany PMI Composite Output Index at 47.6 (July: 48.1). 26-month low.
Flash Germany Services PMI Activity Index at 48.2 (July: 49.7). 18-month low.
Flash Germany Manufacturing Output Index at 46.4 (July: 45.0). 2-month high.
Flash Germany Manufacturing PMI at 49.8 (July: 49.3). 2-month high.
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