German S&P Mfg PMI Final Actual 47.8 (Forecast 48.3, Previous 48.3)

German manufacturing shrinks in Sept as new orders slump - PMI

Actual 47.8 (Forecast 48.3, Previous 48.3)

German manufacturing activity contracted for a third month in a row in September, hurt by a deepening downturn in new orders as the soaring cost of energy set off alarm bells about the outlook for business, a survey showed on Monday.

Phil Smith, Economics Associate Director at S&P Global Market Intelligence, said "the soaring cost of energy, which has already led some businesses to cut production, caused alarm bells, with manufacturers' expectations for future output having plummeted in September following the shutdown of the Nord Stream 1 pipeline."

"If demand continues falling in the months ahead as businesses are expecting, the pass-through of higher costs will inevitably become more and more difficult, thereby squeezing margins."

EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term