German business activity slows more than expected


German flash manufacturing PMI has dropped to 53.8 in March from 54.8 in February and missed consensus of 54.7.

Services fell to 54 from 55.9 and vs 55.8.

Manufacturing output declined to 57 from 57.4.

Composite output dropped to 55 from 56.4.

Staffing rose for a fifth straight month, although "the increase was largely driven by hiring efforts at service providers," says Markit, "while manufacturing firms only reported a fractional rise in workforce numbers."

Still, the data points to GDP growth of up to 0.7% in Q1, Markit says.

The euro comes back down after jumping a bit following the French PMI and is flat at $1.3795. The DAX is -0.45%. (PR)

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Comments (1)
  • Philip Marlowe
    , contributor
    Comments (1546) | Send Message
     
    German business activity did not slow at all. We all know that PMI over 50 indicates expansion. So you can say that German business activity *growth* slowed.
    24 Mar 2014, 11:47 AM Reply Like
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