Germany’s private sector growth accelerated in November, driven by pick-up in performance in the manufacturing sector, flash survey results from IHS Markit showed Thursday.
The flash composite output index rose to 57.6 in November from 56.6 in October. Any reading above 50 indicates expansion in the sector.
The manufacturing sector continued to lead growth and recorded the strongest increase in production volumes since April 2011.
The manufacturing Purchasing Managers’ Index climbed to an 81-month high of 62.5 in November from 60.6 in the previous month. Meanwhile, it was forecast to drop to 60.4.
“Businesses are inundated with new orders, including sharp growth in manufacturing export sales, which is powering a strong and sustained spell of employment growth,” Phil Smith, Principal Economist at IHS Markit, said.
The services PMI increased to 54.9 in November from 54.7 in October. The expected reading was 55.0.
The material has been provided by InstaForex Company – www.instaforex.com
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