Germany's Private Sector Growth Slows In October

Germany's Private Sector Growth Slows In October

New order growth rose for the third consecutive month in October to the most rapid pace seen since April 2011. The score was forecast to drop marginally to 56.5.

The PMI data showed the headline manufacturing index rose to 58.6 in October, from 58.1 in September, thanks to continued strong growth in Germany, whose own manufacturing index eased slightly to 60.5 from 60.6 but still beat expectations of a dip to 60.2.

With demand strong, firms were more comfortable raising their prices, boosting inflation to just shy of a almost six-year high reached in April.

Moreover, rising workloads encouraged firms to take on extra staff at the sharpest pace in over a decade. Manufacturers have registered the much steeper rise in average costs, and they also faced additional noticeable deterioration in supplier delivery times in the month.

Recent data has shown a slight slowdown in exports and industrial output, but economists remain optimistic that a tight labor market and rising business investment will keep growth on track. The factory PMI came in at 58.6 compared to September's 58.1, its highest since February 2011. The reading was expected to decline to 57.7. Services also showed the same trend, registering a strong rise in business activity that was just a bit slower than the one seen at the end of the third quarter.

France's private sector activity expanded at the fastest pace in almost six-and-a-half years in October.

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The output component of the PMI index fell to preliminary a 52.6 from a final 53.2 in the previous month.

Similarly, the manufacturing PMI climbed to a 78-month high of 56.7 in October from 56.1 in September.

IHS Markit said the PMI, if maintained, pointed to fourth quarter economic growth of 0.6-0.7 per cent in the euro zone, faster than the 0.5 per cent a recent Reuters poll predicted.

There were signs in the survey of purchasing managers that businesses raised their prices at the fastest rate since June 2011, but that would still leave inflationary pressures at historically modest levels. The score was forecast to remain unchanged at 55.6.

Germany is the eurozone's powerhouse economy and a PMI reading of 60 indicated robust health for its manufacturing sector.

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