Markit/BME Purchasing Managers’ Index, April 2011
Germany started the second quarter of 2011 with a sharp improvement in overall manufacturing sector operating conditions. At 62.0 in April, up from 60.9 in March, the seasonally adjusted Markit/BME Germany Purchasing Managers’ Index (PMI) – a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy – was the second-highest since the survey began in April 1996. The rise in the headline PMI was supported by an acceleration in output growth, which helped offset slightly slower rates of new order and employment growth.
April data pointed to an increase in output levels for the twenty-second consecutive month, with the latest rise driven by sharp expansions of intermediate and investment goods production. Although consumer goods output growth remained the slowest of the three market groups monitored by the survey, the pace of expansion accelerated in April to its fastest for a year.
Measured overall, new orders received by manufacturing companies in Germany increased at the slowest pace for three months in April. However, the rate of expansion remained sharp and slightly faster than that seen on average in 2010 as a whole. Higher levels of new business were supported by an upturn in new export order growth to its steepest since May 2010.
Strong rises in new work and corresponding pressure on operating capacity resulted in the sharpest accumulation of backlogs in the manufacturing sector for nine months. April data indicated the firms continued to respond to higher production requirements by recruiting additional staff at their plants. Workforce numbers have increased in each month since April 2010 and the rate of job creation during the latest survey period was only slightly slower than the previous month’s survey-record high.
Manufacturers indicated that supply chain pressures intensified in April, with average delivery times from vendors lengthening at the sharpest pace in the fifteen-year survey history. All three market groups reported longer supplier lead-times in April, with investment goods producers signalling the sharpest deterioration in vendor performance. Anecdotal evidence frequently cited strong global demand for raw materials and shortages of stocks at suppliers. There were also reports that longer delivery times (particularly for electronic components) reflected disruptions caused by the earthquake in Japan.
Concerns about delays in the receipt of purchases from suppliers resulted in efforts to build safety stocks in April. Purchasing activity increased sharply over the month, while the latest rise in pre-production inventories was the fastest since June 1998.
Input costs meanwhile increased rapidly in April, but the rate of inflation eased for the second month running. There were widespread reports of higher prices for chemicals, electronic components, energy and metals. Higher cost burdens and rising client demand contributed to another sharp increase in factory gate charges. Moreover, the rate of output charge inflation in the manufacturing sector accelerated to its fastest since the series began in September 2002.
Quelle: Markit/BME
