BERLIN (dpa-AFX) - Germany's private sector rebounded in January, led by a stronger performance from the manufacturing sector, flash survey results from IHS Markit showed on Monday.
The flash composite output index rose unexpectedly to 54.3 in January from 49.9 in December. The score was forecast to fall to 49.2. A score above 50 indicates expansion.
The upturn was led by the manufacturing sector, which recorded its strongest performance on the production front for five months as the incidence of lengthening lead times on inputs eased to the lowest since December 2020.
The manufacturing Purchasing Managers' Index improved to 60.5 in January from 57.4 in the previous month. The expected level was 57.0.
At 52.2, the services PMI was up from 48.7 in December. Nonetheless, this was the second-lowest level in the past nine months and above economists' forecast of 48.0.
The data mark a positive start to the year and go some way to allaying fears about Omicron's impact on the German economy in the first quarter, Phil Smith, an economics associate director, at IHS Markit said.
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