Key findings:
Manufacturers remain in job-cutting modeComment:
Commenting on the PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said:
"These are encouraging developments for the German manufacturing sector. Output has increased for six consecutive months, and firms have received more new orders for three months in a row. This doesn’t mean that German industry is out of the woods—far from it. However, the ability to expand production despite mounting challenges is a testament to its resilience. These challenges include the looming disruption of trade relations with one of the most important non-EU markets, the United States; intensifying competition from China; and pressure on competitiveness due to a stronger euro.
"German manufacturers are fighting on multiple fronts. Output prices remain under pressure, the backlog of orders continues to shrink, and foreign demand for goods declined in August after a few stronger months. In response, firms have cut even more jobs than in the previous month. The silver lining is that labour productivity is rising, as output continues to grow at a solid pace.
"The growth in output is being driven primarily by the investment goods sector, where the index has reached a 28-month high. The intermediate goods sector has also contributed to the expansion, while the consumer goods sector—which includes pharmaceuticals and food products—is stagnating. Overall, we see an upward trend in output, which should be supported by expansionary fiscal policy, including increased investment in infrastructure and defence.”
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