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German manufacturing sector remains mired in contraction territory midway through third quarter
The downturn in Germany's manufacturing sector extended into August, according to the latest HCOB PMI® survey conducted by S&P Global, with output falling at a faster rate amid rapidly declining new orders. Goods producers remained pessimistic towards the year-ahead outlook, albeit slightly less so than in July. Destocking remained a prominent feature of the survey, with firms looking to streamline inventories in line with falling workloads and improved material availability. Weaker demand across the sector meanwhile fed through to lower input costs and factory gate prices, although the rates of decline eased ... (full story)