German manufacturing purchasing managers’ index was down in July after new orders and retail sales fell 8.8% in June

According to S&P Global, the manufacturing sector in Germany contracted in July. This was the first time in more than 2 years that it had been hit by a sharp drop in new orders, which had weighed on the outlook for the German economy.

The Purchasing Managers’ Index (PMI) for the manufacturing sector in Germany, which accounts for about one-fifth of the German economy, fell to 49.3 from 52.0 in June.

The new orders index fell below the 50 mark at 40.1, indicating contraction, and reached its lowest level since May 2020.

The Federal Statistical Office reported that retail sales in Germany fell in June by the most in almost three decades. This is due to the effects of inflation, the war in Ukraine, and the epidemic.

German retail sales fell by 8.8% year-on-year in June. This was the sharpest decline since data collection began in 1994.

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