The downturn in Germany’s manufacturing sector, which accounts for about a fifth of Europe’s biggest economy, experienced a fresh setback in June as output and new orders declined at a faster pace, a survey showed on Monday.
The HCOB final Purchasing Managers’ Index (PMI) for German manufacturing fell to 43.5 in June from 45.4 in May, confirming a preliminary flash estimate and remaining below the 50 level that separates growth from contraction.
“The accelerated fall in new orders and especially export orders indicates that we will have to wait some more months until a recovery in the manufacturing sector can be seen,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
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