German Factory Slump Deepens Again With Recovery Looking Elusive
Monday, 16 December 2019 16:02 WIB | ECONOMY |Ekonomi Jerman

Just when German factories appeared to be exiting a year-longslump that battered the country™s economy, the sector™s contraction has worsened again.

IHS Markit™s Purchasing Managers™ Index for manufacturing unexpectedly fell to 43.4 in December, defying economists™ estimates that the number would pick up. The weakness more than offset growth in the services sector, keeping the private sector in contraction for a fourth straight month.

The euro pared its advance against the dollar and was up 0.1% at $1.1133 as of 09:34 a.m. Frankfurt time.

The data œpoint to a weak end to a difficult year for the German economy, said Phil Smith, an economist at IHS Markit. œManufacturing continues to weigh heavily on private sector output even though slower declines in new orders and exports œprovide glimmers of hope.

Source : Bloomberg

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