Germany's manufacturing PMI hits 3-month low in February

ISTANBUL

The purchasing managers' index for the German manufacturing sector dropped to 46.3 in February from 47.3 in January.

According to S&P Global's data on Wednesday, the February figure was at the lowest level in the last three months.

"A rapid improvement in supplier delivery times put downward pressure on the headline index, as did a decline in stocks of purchases," the data provider said, adding: "Notably, indices for output, new orders and employment each had a positive directional influence."

Phil Smith, a director at S&P Global, said that the index declined to a three-month low due to a fall in the stocks of purchases sub-component and strong downward pressure.