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Supply-Chain Bottlenecks Drag German Manufacturing to Six-Month Low

September 1, 2021 by Forex Winner Leave a Comment

Supply-Chain Bottlenecks Drag German Manufacturing to Six-Month Low

Source: IHS Markit

German manufacturing cooled to a six-month low in August, as firms grappled with supply chain issues during the period. EWG is up 0.31%.

  • The headline IHS Markit/BME Germany Manufacturing PMI fell to 62.6 in August from 65.9 in July.
  • The latest reading is the lowest since February but still above the 50.0 threshold that separates expansion from contraction.
  • The biggest drag came from the output subcomponent, which plunged to a 12-month low, while new order growth fell to a three-month low.
  • Most of the respondents indicated longer lead times but dipped from the peak recorded in May.
  • Backlogs rose sharply, while finished goods declined as firms used up their remaining inventory to meet demand.
  • Input stocks fell, while input cost inflation saw a slight decline from the all-time high in July.
  • Optimism on future activity fell to lowest in 10 months, dragged by supply issues.

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