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German manufacturing grows in June at weakest rate in eight months: PMI
July 1, 2014 / 8:06 AM / 3 years ago

German manufacturing grows in June at weakest rate in eight months: PMI

BERLIN, (Reuters) - German manufacturing grew at the slowest rate in eight months in June, a survey showed on Tuesday, adding to signs that the expansion in Europe’s largest economy lost momentum in the second quarter.

A plant belonging to Germany's largest drugmaker Bayer is seen in Leverkusen December 15, 2013. REUTERS/Ina Fassbender

Markit’s Purchasing Managers’ Index (PMI) for the German manufacturing sector fell to 52.0 in June from 52.3 in May.

The reading for the sector, which accounts for about a fifth of all economic activity in Germany, was above the 50 line that separates growth from contraction for the 12th straight month, although it was below an initial reading of 52.4.

“June’s survey results point to slower growth in Germany’s goods-producing sector,” said Markit economist Oliver Kolodseike.

“Client demand from foreign markets rose to the weakest extent in the current spell of growth, suggesting that a relatively strong euro is acting as a drag on stronger export growth and may continue to do so in coming months.”

New orders growth was the weakest since July 2013, while output increased at the slowest rate since September last year.

Reporting by Annika Breidthardt; Editing by Hugh Lawson

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