German manufacturing sector in negative side in Q3

ISTANBUL

Germany's manufacturing sector contracted in the third quarter of 2023, S&P Global said on Monday.

Output saw the steepest decline since May 2020, while input costs continued to fall, it said in a report.

"Goods producers were more pessimistic about the outlook and trimmed workforce numbers accordingly, although the rate of job losses remained modest.

"Weaker demand across the sector meanwhile fed through to lower prices, with September seeing further declines in both input costs and output charges," it said.

The Purchasing Managers Index (PMI) for the manufacturing sector was 39.6, up slightly from 39.1 in August.