The latest HCOB PMI® survey showed stronger growth in both production and new orders across the German manufacturing sector in August, with the pace of expansion in output at its highest in nearly three-and-a-half years. Nevertheless, not only did goods producers remain in job-cutting mode, with employment even falling at a quicker rate than in July, but they also signalled a renewed decline in purchasing activity and further marked decreases in stocks. This coincided with slightly less optimism about the year-ahead outlook. On the price front, latest data showed sustained declines in both input costs and output ... (full story)