German flash manufacturing PMI hits 74-month lows of 47.6 in Feb, a big miss

German manufacturing activity grew at the weakest pace in 74-months in February, the latest manufacturing activity report from IHS/Markit research showed this Thursday.

The German manufacturing purchasing managers index (PMI) slipped further into contraction territory and arrived at 47.6 versus 49.7 expected and 49.7 previous. Meanwhile, while services PMI climbed to a five-month high level of 55.1 as against previous month’s reading of 53.0 and 52.9 anticipated.

The IHS Markit Flash Germany Composite Output Index also climbed to 4-month tops of 52.7 in February, up from 52.1 in January.