German manufacturing downturn eased in November - PMI

Germany's manufacturing sector downturn eased in November.

HCOB final Purchasing Managers' Index (PMI) for manufacturing rose to 42.6 from 40.8 in October.

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The sector is still in recession, but the rate of output decline slowed.

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Businesses reported the slowest declines in output and new orders in six months.

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Expectations for future activity improved but remained pessimistic.

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The German constitutional court's decision on debt brake compliance had an impact.

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The government froze new spending commitments after the court blocked plans.

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The court decision affected the re-purposing of unused pandemic funds towards green projects.

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The industry might be at the forefront of this judicial budget storm.

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Employment showed a faster rate of decline, with factory workforce numbers dropping significantly.

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The decline in employment is the most extensive since October 2020.

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The manufacturing sector still faces challenges, but there are signs of improvement.

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