Germany Cannot Save Everyone
According to Austria’s Wirstchaftsblatt, Germany is not able to save Europe’s industrial sector either as European countries continue to lose ground. The Purchasing Manager Index (PMI) fell by 1.1 points to 46.8 points in March 2013, related the Markit-Institut in Berlin on Wednesday.
The German industrial sector was also affected this time around, losing 1.3 points and falling to 49 points. “The primary reason for this development were the lighter than usual order books”, claimed Tim Moore, economist at Markit.
A silver lining for companies were lower purchase prices, which fell once again. “Higher costs for energy and fuel were there over-compensated by lower raw material costs”, so Markit.