German manufacturing PMI rose for the first time since the war in Ukraine. | So Good News
By Geoffrey Smith
Investing.com — Europe’s largest manufacturing economy grew in November for the first time since Russia invaded Ukraine, according to a closely watched economic survey.
The report, compiled by S&P Global, rose to 46.7 from 45.1 in October, defying expectations of a decline but remaining well below the 50 level that normally separates growth from contraction.
The comparable index for the sector improved surprisingly, rebounding to 46.4 from 45.1.
“November’s PMI survey doesn’t change the narrative that Germany is headed for recession, but we expect the economic contraction to be shallower than first feared,” S&P economist Phil Smith said in a statement.
S&P noted that companies have seen a marked slowdown in rising input prices that have dogged the industry all year. This is consistent with anecdotal reports from individual companies such as Siemens (ETR:) Supply chain bottlenecks have clearly eased over the past few months.