German factory surge reaches record maximum in December

German factory surge reaches record maximum in December

In December, German factories demonstrated record surge because sturdy foreign demand powered growth in activity to a record maximum, while capacity constraints provoked the biggest delivery delays for more than 20 years, as a poll disclosed on Tuesday.

IHS Markit's Purchasing Managers' Index for manufacturing, accounting for a quarter of the German economy, rallied to an all-time maximum of 63.3 from 62.5 in November.

The final reading, intact from the initial flash outcome, happened to be far above the 50 line, separating contraction from surge, as Europe's number one economy concluded 2017 on an unusually firm footing.

The PMI demonstrated abrupt lifts in output, exports and new orders. The overall level of new contracts obtained from abroad – mostly from Asia, Europe and America – edged up at the fastest pace in the history of the poll.

In December, higher prices for raw materials, including steel as well as other metals backed input costs, and it in turn provoked another jump in prices charged by manufacturers.

 

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