RTTNews - German manufacturing sector improved more than initially estimated in August, a final report from Markit /BME said on Tuesday.
Th Markit/BME Manufacturing Purchasing Managers' Index or PMI rose to 49.2 in August from 45.7 in July. The reading was also above the flash estimate of 49. This was the highest for twelve months, but still below the neutral 50.0 mark.
A reading above 50 indicates expansion, while a reading below 50 signals a contraction
The increase in PMI was mainly influenced by rise in manufacturing production and new orders, the report said.
Tim Moore, economist at Markit said, The pace of expansion was comfortably the strongest of the 'big four' Eurozone economies. Despite these encouraging signals, job cuts persisted in August amid low levels of capacity utilisation, and factory gate price discounting was recorded for a tenth consecutive month.
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