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Ekonomické zprávy
22.10.2021

German: private sector activity growth continued to slow down in October

According to the report from IHS Markit, October’s flash PMI data pointed to only modest growth in German private sector business activity, whilst at the same time highlighting persistently strong inflationary pressures as the rate of increase in charges for goods and services hit a survey-record high. The pace of job creation meanwhile remained robust as firms looked to boost capacity, with output expectations showing a slight improvement.

The headline Germany PMI Composite Output Index showed a further loss of growth momentum in October, dropping from September’s 55.5 to an eight-month low of 52.0. The index has fallen in each month since hitting a record high in July.

Factory production volumes continued to be held back by input shortages and an associated decline in demand from the automotive sector, with the Manufacturing Output Index dropping to a 16-month low of 51.1 in October. At the same time, the service sector’s recovery showed further signs of waning, as highlighted by the sector’s Business Activity Index slipping for the third month running to 52.4 - its lowest in the current period of growth stretching back to May. There was further evidence of supply chain issues spilling over to services.

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