German PMI Hits Strong Level Since April, Third-Highest on Record

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German manufacturing posted another historically strong performance in July, with the overall growth rate accelerating further and was the third-highest in any month since 1996.

Source: IHS Markit

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New orders rose at the third-strongest rate ever recorded, leading to a near-record increase in backlogs despite an unprecedented rise in employment.

Output growth was strong overall but eased since June, constrained by continuous supply shortages. July data also indicated the fastest rates of input and output price inflation in history.

German Manufacturing PMI rose for the second month running to 65.9 in July, from 65.1 In June. Four of the five PMI components provided strongly positive contributions to the headline figure in July.

The new orders and employment components exerted the strongest directional influences on the PMI since June, offset slightly by output.

Manufacturers expanded purchasing activity at one of the fastest rates until July, but supplier delays meant that pre-existing input stocks were depleted further to support production.



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