Forex News May 24, 2022

 

Germany

Germany May flash manufacturing PMI 54.7 vs 54.0 expected

Even though manufacturing conditions improved slightly month on month, the German services sector remains resilient, supporting economic activity. Nonetheless, there were signs that market uncertainty, rising prices, and supply issues were putting a damper on demand, with manufacturers reporting the steepest drop in new orders in nearly two years.

Meanwhile, inflationary pressures remained high, though rates of both input cost and output price inflation fell slightly from April’s all-time highs. According to S&P Global, a post-lockdown recovery in services activity remains a strong tailwind for the German economy, with May’s ‘flash’ PMI data indicating that output levels remain in growth territory.

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