Investing.com – Manufacturing activity in Germany fell more-than-expected in March, dropping to a two-month low preliminary data showed on Thursday.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers index fell to a seasonally adjusted 60.9 in March, compared to 62.7 in February, whose figure was revised up from 62.6.
Analysts had expected the index to decline to 62.0 in March.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
The report also said that service sector activity in Germany rose unexpectedly in March, rising to a two-month high.
The preliminary services purchasing manager's index rose to a seasonally adjusted 60.1 in March, up from 58.6 in February, whose figure was revised down from 59.5.
Analysts had expected the index to decline to 58.5 in March.
According to the data, manufacturers and service providers both recorded steep accelerations in prices charged inflation, which survey respondents frequently attributed to higher oil-related costs.
The overall rate of input cost inflation was unchanged from February’s series record high. Service providers pointed to the fastest increase in cost burdens since July 2008, while manufacturers reported a moderation in purchase price inflation since last
Following the release of the data, the euro eased up against the U.S. dollar, with EUR/USD adding 0.07% to hit 1.4098.
Meanwhile, European stock markets were mixed. The EURO STOXX 50 shed 0.1%, France’s CAC 40 edged down 0.08%, the FTSE 100 was up 0.3% and Germany's DAX climbed 0.25%.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers index fell to a seasonally adjusted 60.9 in March, compared to 62.7 in February, whose figure was revised up from 62.6.
Analysts had expected the index to decline to 62.0 in March.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
The report also said that service sector activity in Germany rose unexpectedly in March, rising to a two-month high.
The preliminary services purchasing manager's index rose to a seasonally adjusted 60.1 in March, up from 58.6 in February, whose figure was revised down from 59.5.
Analysts had expected the index to decline to 58.5 in March.
According to the data, manufacturers and service providers both recorded steep accelerations in prices charged inflation, which survey respondents frequently attributed to higher oil-related costs.
The overall rate of input cost inflation was unchanged from February’s series record high. Service providers pointed to the fastest increase in cost burdens since July 2008, while manufacturers reported a moderation in purchase price inflation since last
Following the release of the data, the euro eased up against the U.S. dollar, with EUR/USD adding 0.07% to hit 1.4098.
Meanwhile, European stock markets were mixed. The EURO STOXX 50 shed 0.1%, France’s CAC 40 edged down 0.08%, the FTSE 100 was up 0.3% and Germany's DAX climbed 0.25%.