German Preliminary Manufacturing PMI Edges Up to 48.8 in May, Services PMI Declines

Germany's Preliminary Manufacturing PMI Improves Slightly, Services PMI Declines in May

Germany’s Preliminary Manufacturing PMI for May edged up to 48.8, slightly above April's 48.4, but below the expected 48.9. This marks a 33-month high for the manufacturing sector.

However, the Services PMI declined to 47.2, worse than the forecast of 49.5, indicating continued contraction in the services sector. The German Composite Output Index also decreased to 48.6, down from 50.1 in April, marking its weakest level in five months.

These results reflect mixed performance in Germany’s economy, with manufacturing showing some improvement while the services sector struggles. The data comes as part of the HCOB survey, a key economic indicator for the Eurozone.

The EUR/USD exchange rate remained under pressure around 1.1300 following the release of these diverging PMIs.