Germany’s Ifo Business Climate Jumps In September
Sep 24, 2013
Germany’s Ifo Business climate slightly picked up lower than expected at 107.7 in September, compared to the previous reading of 107.5 in August, a report by the ifo Institute confirmed on Tuesday.
The composite index based on a survey of retailers, wholesalers and manufacturers picked up 107.7 in September, below Analysts forecasted reading of 108.0.
The Current Assessment Index fell to 11.4, from previous reading 112.0 last month, reports confirmed. The reading came in lower from analysts estimates of 112.5.
The Ifo expectations index advanced 104.2 in September, up from 103.3 in August.
Germany’s ZEW economic sentiment index for September advanced 49.6, up from previous reading of 42.0 in August, indicating that the country is recovering faster than its European partners.
“The financial market experts hold the view that the German economy is still gaining momentum,” said ZEW President Clemens Fuest. “In particular, the experts’ economic optimism has increased due to the improved economic outlook for the euro zone – although recently released economic data for Germany have fallen short of expectations.”
The ZEW Current situation survey rose to 30.6, from 18.3 in August, showing an improvement in the economy.
Services & Manufacturing Flash PMI
Manufacturing in Europe’s biggest economic powerhouse edged down in September, but remained at an expansion rate for the third month in a row, the flash data from purchasing managers confirmed.
Germany’s manufacturing sector’s Purchasing Managers’ Index (PMI) climbed to 51.3 in September, a preliminary reading indicates an expansion for the third month in a row, Markit Economics confirmed on Monday. The readings came in lower than analysts’ estimates of 52.0.
Another data released by Markit Economics, activities in Germany’s services sector posted a reading of 54.4 this month, up from previous reading of 52.8 in august.
“Germany’s economy remained firmly in recovery mode during September, and its strengthening performance should continue to reverberate across the euro area,” Tim Moore, senior Markit economist said. “Positive signs from the German economy are a crucial factor underpinning global business confidence at present, especially while some momentum has been lost across emerging markets,” he added.
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