Germany's manufacturing activity at 27-month low

ANKARA

Germany's manufacturing activity plunged to a 27-month low as its purchasing managers' index (PMI) came in at 48.3 in September, according to preliminary data from US-based financial services company S&P Global on Friday.

Down from 49.1 in August, Germany's manufacturing PMI was below the 50 no-change threshold level for the third straight month in September.

Manufacturing production contracted for the fourth month in a row but at the slowest pace since June amid some reports of improved raw material supply.

The decline in Germany business activity also deepened in September with composite PMI slipped to its lowest level since May 2020 at 45.9, down from 46.9 in August, the flash estimate showed.

“The deepening decline in business activity in September was led by the service sector, which has seen demand weaken rapidly as customers pull back on spending due to tightening budgets and heightened uncertainty about the outlook," said Phil Smith, economics associate director at S&P Global Market Intelligence.

Flash Germany services PMI activity index fell to a 28-month low at 45.4 in September, down from 47.7 a month ago.