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German 'All-Sector' PMI Signals Positive Start To New Year

Germany's all-sector PMI (a GDP-weighted average of the three surveys' output measures) rose from December's 51.9 to 53.3 in January, thereby signalling an acceleration in output growth in the country's private sector. The data point was a welcome pick-up in economic growth at the start of 2015, after GDP failed to show any meaningful expansion since the first quarter of last year, according to the latest data.

German economic growth and the PMI

While the PMI reached a three-month high in January, it remained below the average of 54.2 for 2014 as whole. As has been the case since the middle of last year, Germany's service sector led the upturn in January, but manufacturing growth also accelerated from its recent low. However, construction output fell in January for the first time since August of last year.

Business activity by sector

Source: Markit.

Solid employment growth maintained

Despite the introduction of… Read More …