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Germany's manufacturing sector improved further in December but below the flash estimate, the BME/Markit Economics said on Monday.
The seasonally adjusted manufacturing Purchasing Managers' Index or PMI increased to 52.7 in December from 52.4 in November. The PMI reading in December was revised down from 53.1 reported initially. Economists were looking for a reading of 53.1.
A PMI reading above 50 suggests expansion in activity, while below 50 suggests contraction. The latest PMI reading was the highest since May 2008.
Manufacturing Output growth remained robust but eased slightly from the twenty-six month high recorded in the previous month, while the new order growth slowed to three-month low.
Tim Moore, economist at Markit said, "Whether the German manufacturing sector recovery will find new impetus in the new year is likely to depend on wider global economic conditions and a somewhat elusive strengthening of domestic final demand."
"The moderation in manufacturing job cuts, which boosted the headline PMI in December, alongside the relative resilience of the overall German labor market, will raise hopes of the latter." he added.
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