Asian orders drive growth in German factories to six-year record
Berlin — German manufacturing growth expanded at the fastest pace in almost six-and-a-half years in September, driven by new orders mainly from Asia, a survey showed on Monday. That suggested the sector, which accounts for about a fifth of the German economy, would contribute to an expansion in the third quarter. Markit’s purchasing managers index (PMI) for manufacturing rose to 60.6 from 59.3 in August to reach its highest level since April 2011. That was on a par with a flash reading and well above the 50 line that separates growth from contraction. "Germany’s manufacturers ended the third quarter on a particularly high note," said Markit economist Phil Smith. "The PMI rose for the second month running to put it in territory unseen since the temporary rebound that followed the global financial crisis". Strong demand at the end of the third quarter fuelled the fastest growth in orders since June and prompted manufacturers to hire new staff at a rate not seen since May 2011. "The cu...
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