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German Export Orders Plunge
Last month German exporters suffered the largest decline in international orders since April 2009, according to London-based Markit Economics.
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Last month German exporters suffered the largest decline in international orders since April 2009, according to London-based Markit Economics.
The firm says country's industrial sector is in the midst of its worst quarter in more than three years because of deteriorating global demand. The report underscores the "looming concern" that Germany, whose economy depends heavily on exports, may no longer be able to prop up the larger European economy, Markit says.
The Purchasing Managers Index for German manufacturing rose to 44.7 in August from a three-year low of 43 in July. Markit says the sector's output, new orders and employment gauges fell at slower rates last month. Any reading below 50 indicates contraction.
The PMI composite index of German manufacturing and services dropped a half-point from July to 47, the lowest reading since June 2009.
Markit's composite index for the eurozone fell from 46.5 in July to 46.3 in August, slightly lower than the earlier flash PMI report. Output declined in Germany, France, Italy and Spain.
The firm reiterates that the data confirm expectations that the eurozone is sinking into recession in the current quarter.
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