Strong setback for German manufacturing in February.
The purchasing managers' PMI Hcob index fell, according to flash data, to 42.3 from 45.5 in January, disappointing the expectations of economists who expected growth to 46.1.
Better than expected, however, services rose from 47.7 to 48.2, compared to expectations stuck at 48. Inflection in the composite index, which fell from 47 to 48.1, also in this case below the expectations of a growth to 47.5.
"The German economy remains under pressure. With the Hcob Composite Index falling to 46.1, this is not just a monthly decline but the eighth consecutive month of contraction. The manufacturing sector is dragging the economy down more than the services sector can compensate.
Looking at the composite PMI, it is clear that Germany is facing a shortage of new orders both nationally and internationally", commented Hcob economist TariqKamal Chaudhry.
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