German HCOB Manufacturing PMI Final (Feb) 50.9 vs. Exp. 50.7 (Prev. 49.1)
Importance
Level 1
- "The headline PMI has climbed back above 50. That’s thanks to faster growth in output, a solid jump in new orders - helped a bit by stronger export demand - and longer delivery times, which usually signal rising demand."
- "Costs have been rising from all kinds of directions - metals, energy, wages, electronic components, and even the newly introduced Carbon Border Adjustment Mechanism (CBAM). Companies did manage to pass some of these higher costs on to customers, but margins likely still took a hit."
- “Optimism about future production has risen from an already high level. A lot of that confidence likely comes from government infrastructure stimulus and the big jump in defence spending, both of which are driving domestic demand."
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