German manufacturing PMI revised slightly upward

The HCOB German manufacturing PMI for 2024/7 was revised upward from the preliminary report value of 42.6 to 43.2 (June is 43.5).

Even so, the decline in the manufacturing industry continued for 25 consecutive months.

As demand continued to be sluggish, the rate of decline in production, new orders, and employment all accelerated.

Meanwhile, overall manufacturing prices in Germany have come close to stabilizing.

While an increase in freight rates was reported to partially offset the decline in raw material prices, input costs fell only slightly, and the rate of decline was the slowest in the past year and a half.

Ultimately, goods producers are not optimistic about future growth prospects.

Dr. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said, “The recovery in manufacturing probably won't happen until fall.”

Source: S&P Global