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German manufacturing PMI falls to 3-month low of 51.4 in May

Published 05/21/2015, 03:34 AM
Updated 05/21/2015, 03:34 AM
© Reuters. German manufacturing PMI falls unexpectedly in May

Investing.com - Manufacturing activity in Germany grew at the slowest pace in three months in May, dampening optimism over the health of the euro zone’s largest economy, preliminary data showed on Thursday.

In a report, market research group Markit said that its preliminary German manufacturing purchasing managers’ index declined to a seasonally adjusted 51.4 this month from a final reading of 52.1 in April. Analysts had expected the index to inch up to 52.3 in May.

Meanwhile, the preliminary services purchasing managers’ index fell to a seasonally adjusted 52.9 this month from 54.0 in April. Analysts had expected the index to dip to 53.9 in May.

The seasonally adjusted Markit Flash Germany Composite Output Index, which measures the combined output of both the manufacturing and service sectors declined from 54.1 in April to 52.8 in May, missing forecasts for a reading of 53.8.

A reading above 50.0 on the index indicates industry expansion, below indicates contraction.

Commenting on the report, Oliver Kolodseike, Economist at Markit said, “While the survey data are consistent with further GDP growth heading into the middle of the year, it looks as if this rate of expansion of the German economy will remain sluggish in the months ahead."

EUR/USD was trading at 1.1111 from around 1.1131 ahead of the release of the data, while EUR/GBP was at 0.7150 from 0.7158 earlier.

Meanwhile, European stock markets were mostly lower. Germany's DAX fell 0.5%, the EURO STOXX 50 shed 0.4%, France’s CAC 40 dipped 0.3%, while London’s FTSE 100 inched down 0.1%.

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