German flash manufacturing PMI hits 6-year lows of 44.7 in March, EUR drops sharply

German manufacturing activity grew at the weakest pace in 74-months in March, the latest manufacturing activity report from IHS/Markit research showed this Friday.

The German manufacturing purchasing managers index (PMI) slipped deeper into contraction territory and arrived at 44.7 versus 48.0 expected and 47.6 previous. Meanwhile, services PMI dropped to a two-month high level of 54.9 as against previous months reading of 55.3 and 54.8 anticipated.

The IHS Markit Flash Germany Composite Output Index hit 69-month lows of 51.5 in March, down from 52.8 booked in February.