{"id":432715,"date":"2026-01-23T18:11:12","date_gmt":"2026-01-23T18:11:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/432715\/"},"modified":"2026-01-23T18:11:12","modified_gmt":"2026-01-23T18:11:12","slug":"germany-january-flash-manufacturing-pmi-48-7-vs-47-8-expected","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/432715\/","title":{"rendered":"Germany January flash manufacturing PMI 48.7 vs 47.8 expected"},"content":{"rendered":"<p>Prior 47.0Services PMI 53.3 vs 52.5 expectedPrior 52.7Composite PMI 52.5 vs 51.6 expectedPrior 51.3Full report<a href=\"https:\/\/www.pmi.spglobal.com\/public\/release\/pressreleases\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"article-link\" data-v-4026719d=\"\"> here<\/a><\/p>\n<p data-v-4026719d=\"\">Key Points:<\/p>\n<p>Business activity growth quickens in January, but labour market<br \/>\nconditions deteriorate<\/p>\n<p data-v-4026719d=\"\">Comment:<\/p>\n<p data-v-4026719d=\"\">Commenting on the flash PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said:\n<\/p>\n<p data-v-4026719d=\"\">\u201cThe data show a good start to the new year, overall. Output in the manufacturing sector returned to &#8211; albeit meagre &#8211;<br \/>\ngrowth, and so did new orders. Even more encouraging is the stronger pickup in activity in the services sector. Looking<br \/>\nahead, confidence has risen noticeably in the services sector and has held at a solid level in manufacturing.\n<\/p>\n<p data-v-4026719d=\"\">\u201cWhile there are signs of a modest recovery, services companies have trimmed their workforce significantly in January,<br \/>\nwhich might point more to efficiency measures than to concerns about demand. In manufacturing, the process of cutting jobs<br \/>\nhas continued unabated. Since this has been ongoing since mid-2023, there\u2019s now a lot of debate about whether this is a<br \/>\nstructural issue, one that would require structural answers in the form of reforms that are anything but easy to implement.\n<\/p>\n<p data-v-4026719d=\"\">\u201cIn the services sector, the situation has brightened quite a bit. Pricing power seems to have increased significantly as sales<br \/>\nprice inflation has moved up. While that partly reflects higher input costs, the rise in sales price inflation has been even<br \/>\nstronger. With new business growing more robustly than last month, service providers are becoming more self-confident \u2013<br \/>\nsomething that also shows up in their much higher optimism for future activity.\n<\/p>\n<p data-v-4026719d=\"\">\u201cMeanwhile, the International Monetary Fund has upgraded its 2026 GDP growth forecast for Germany by 0.2 percentage<br \/>\npoints to 1.1%, reinforcing the sense that growth prospects are improving. Still, the recovery remains rather fragile. The<br \/>\ncontinued drop in inventories and another decline in backlogs of orders in manufacturing are clear examples. Yet, the<br \/>\nunusually large fiscal stimulus through much higher spending on defence and infrastructure should provide a noticeable<br \/>\nboost to the economy.\u201d<\/p>\n<p>Germany Composite PMI<\/p>\n","protected":false},"excerpt":{"rendered":"Prior 47.0Services PMI 53.3 vs 52.5 expectedPrior 52.7Composite PMI 52.5 vs 51.6 expectedPrior 51.3Full report here Key Points:&hellip;\n","protected":false},"author":2,"featured_media":163580,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":{"0":"post-432715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/432715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=432715"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/432715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/163580"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=432715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=432715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=432715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}