German PMI data offers comfort
Germany’s manufacturing PMI rose sharply in February, beating expectations of a decline in one of the most important economic indicators for the German economy. And while the services PMI came in slightly below expectations, a level of 53.3 suggests continued growth in the non-manufacturing part of the economy. The first macro data to reflect at least some of the impact of the coronavirus underpins the fact that the economy is not collapsing. In addition, assuming the virus can be contained in the foreseeable future, a significant portion of the loss of economic momentum can be recouped later on. Having said that, the ultimate impact of the virus remains uncertain, so some caution is warranted.
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