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German manufacturing stuck in recession while factory job losses at 10 year high

EURUSD News by Newsroom on 04:06 November 04, 2019 EST

Germany’s manufacturing sector remained stuck in recession in October as new orders fell for the 13th month running and factories slashed jobs at the fastest pace in almost 10 years, a survey showed on Monday.

IHS Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of Europe’s largest economy, edged up to 42.1 last month from September’s 41.7, staying well below the 50.0 mark separating growth from contraction.

The German economy shrank 0.1% in the second quarter and preliminary data on Nov. 14 is likely to show another quarter of contraction from July through September.