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An aggravating global supply squeeze caused the steepest decline in German manufacturing output since stringent coronavirus lockdowns were in place last year and severely damped growth momentum in France, purchasing managers report.
Gauges for factory orders in both countries deteriorated in October, with some goods producers mentioning that severe delays on inputs were responsible for contracts being cancelled or postponed. According to IHS Markit surveys, inflation pressures grew amid the bottlenecks.
While until recently the effects of inputs shortages have been most noticeable on prices, we re seeing them have a noticeable impact on production levels and order book, said Joe Hayes, a senior economist at the London-based firm.
Business activity in Germany, Europe s largest economy, fell to an eight-month low in October. France held up somewhat better, benefiting from a boost to tourism services on the back of looser travel restrictions.
The report comes less than a week before European Central Bank officials gather to assess the state of the euro-area economy. So far, they ve insisted that supply shortages will moderate rather than derail the recovery and that price pressures will delay rather than derail the recovery.
Expectations for future output increased in both countries and employment increased.
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