Purchasing Managers’ Index Reaches 52.4 Points
German manufacturers recorded the highest rises in output and new orders in more than two years. The Purchasing Managers’ Index (PMI) was at 52.4 in November, up from 51.0 in October, thus indicating the industry’s continued recovery.
According to the BME, the partial index “Production” went up 2.3 points, seasonally adjusted, to 56.7 points. Manufacturing volumes also increased for the fifth month running in November, with the rate of growth the strongest since September 2007. Global players and small and medium-sized companies indicated an increase in new orders for the fifth time in a row. The partial index “New Orders” went up 0.7, to 57.0, which corresponds to its value of August 2007.
After a twelve-month-decline, purchasing prices stopped falling in November. Although some materials were cheaper due to suppliers’ lack of pricing power, certain raw materials and mineral oil-based products became more expensive. Both developments more or less neutralized each other in the reporting month. Selling prices were again cut due to intense competition.
The Markit/BME Purchasing Managers’ Index (PMI) is an early monthly indicator to predict the economic development in Germany. It is produced by Markit Economics, Henley-on-Thames, and is based on original survey data collected from a panel of over 500 purchasing managers and executives of the German manufacturing sector (selected by industry, size and region to represent the German economy). The German manufacturing index PMI is modeled towards the US Purchasing Managers’ Index (PMI).
BME, purchasing, Purchasing Managers’ Index, purchasing prices, PMI, Markit, production
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