German manufacturing sector contraction in March was less severe than estimated earlier, detailed results of a survey by Markit Economics showed Monday.
The seasonally adjusted Markit/BME purchasing managers' index fell to 48.4 in March from 50.2 in February. Though the reading was better than the flash result of 48.1, it was still below the 50 mark suggesting a fall in activity.
Also, the reading was the lowest since December 2011. According to the survey report, lower new orders were the main factor behind the overall deterioration in manufacturing operating conditions.
New export orders fell markedly during the month, extending the current period of decline to nine months. Output growth deteriorated from the seven-month high seen in January, mainly as a result of subdued underlying demand.
Source: RTT News