German manufacturing activity in June has posted the fastest deterioration for 37 months, according to the preliminary purchasing managers’ index (PMI) data released on Friday.
The Hamburg Commercial Bank (HCOB) Flash Germany Manufacturing PMI tumbled to 41 in June from 43.2 in May, a report by the US-based financial services company S&P Global showed.
This was the eleventh consecutive month of contraction as the headline figure remained below 50, the threshold that separates growth from contraction.
Order books fell at the sharpest pace for eight months amid reports of customer hesitancy and destocking, said the report.—AA
