German manufacturing PMI in line with expectations in November

Germany’s manufacturing sector saw near-record growth in November, as new orders, exports and employment all rose at rates close to the peaks seen in 2010-11, according to the latest PMI survey data from IHS Markit and BME. The stronger pace of expansion led to greater pressure on capacity, however, with backlogs growing at the second-fastest rate ever recorded and input delivery delays among the worst seen in the survey’s 21-year history. Price pressures also heated up, reaching the highest in just over six-anda-half years.

The headline IHS Markit/BME Germany Manufacturing PMI – a single-figure snapshot of the performance of the manufacturing economy – moved to 62.5 in November, rising from 60.6 in October. The latest reading was the second-highest seen since the survey began in April 1996, exceed only by February 2011’s 62.7.