Germany April final manufacturing PMI 51.4 vs 51.2 prelim

AI summary

<ul><li>Prior was 52.2</li></ul><p>Key findings:</p><ul><li>April sees further, albeit slower, increases in output and new orders </li><li>Business expectations turn negative for first time in 18 months </li><li>Cost pressures and supply delays worst since 2022</li></ul><p>Comment:</p><p>Phil Smith, Economics Associate Director at S&P Global Market Intelligence: </p><p>"The growth we’re seeing in the manufacturing sector appears to be on borrowed time, given the underlying factors driving it and the further sharp drop in business expectations into negative territory. </p><p>"Output and new orders continue to be supported by the rush to secure supplies amid concerns over future price increases and shortages, with this frontloading of activity having the potential to lead to some payback in the coming months. Whilst we're seeing strong growth in new orders received by makers of intermediate goods, i.e. those used to produce other goods, there has already been a marked decline in demand for consumer products. </p><p>"Reflecting growing concerns about both demand and supply-side conditions, businesses expecting activity to fall in the coming year now outweigh those anticipating a rise. There are worries that surging inflation pressures and the associated squeeze on purchasing power will stifle demand, with factory gate price inflation jumping sharply to its highest in over three years in April. At the same time, with supply delays already at a level not seen since mid-2022, there