Germany’s Oct Factory Output Posts Record Growth Due to a Rising Sales Orders Globally

Germany’s manufacturing sector expanded record growth in October, seeing a steep and accelerated increase in output alongside a record rise in new orders, the latest IHS Markit survey showed.

 

IHS Markit’s Final Purchasing Managers’ Index (PMI) for manufacturing rose to 58.2 in October, increasing from 56.4 in September and the highest reading since March 2018.

 

Survey pointed out that an uptick unindex was from an improvement of demand both domestically and overseas, with a rising sales volume to Asia, particularly China, reinforcing new export orders to the greatest extent since December 2017.

 

Germany’s factory surged in the midst of rising numbers of coronavirus cases in Europe. 

 

Chancellor Angela Merkel last week announced an emergency month-long lockdown which will be affected this Monday (November 2), including the closure of restaurants, gyms and theatres and the ban of private gatherings to 10 people. 

 

The German data came in after China reported a Caixin/Markit Purchasing Managers’ Index of 53.6 mark, a steepest growth since latest reading in January 2011. 

 

China’s factory output expanded for the sixth straight month in October as business confidence grew to its strongest in years, a private survey showed.