Germany's composite PMI revised slightly downward.

The HCOB Germany's composite PMI for August 2024 was revised slightly downward from the flash estimate of 48.5 to 48.4 and decreased from 49.1 in July.

The deterioration of private sector activity accelerated due to a significant decline in manufacturing (42.4 vs. 43.2) and a slowdown in the service sector (51.2 vs. 52.5).

New orders saw a significant decline, accelerating the slump in manufacturing and marking the largest decrease since March.

On the other hand, export revenue declined further in both sectors.

Additionally, the reduction in workforce reached its highest level in the past four years, and the rate of inflation in production prices rose to a six-month high, nearly matching the long-term average.

On the cost side, while the purchase prices in the manufacturing sector remained relatively stable, the increase in operating expenses in the service sector slowed down.

Finally, reflecting the deteriorating business sentiment, primarily in the manufacturing sector, economic forecasts softened to a six-month low.

Source: S&P Global