Latest data released by Markit/BME - 1 July 2020
The preliminary release can be found here. A slightly more positive revision sees the contraction in German manufacturing activity ease as lockdown measures are lifted and production activity is also seen picking up as confidence is slowly returning.
Looking at the details though, demand remains more subdued and firms were seen largely relying on working through backlog of orders in June. That's not exactly a good sign of things to come if demand conditions don't improve in Q3.
Markit notes that:
"We can take away positives and negatives from June's manufacturing PMI survey. On the one hand, the data show more German manufacturers starting to ramp up production, and a regaining of confidence which has been severely lacking in recent months. But on the other, demand remains very much subdued and is holding back any recovery.
"The lack of new orders means manufacturers are relying on ever-dwindling backlogs of work to support production, and until new orders start to pick up and factories get back to somewhere near capacity, jobs across the sector are at risk.
"The export market remains difficult, and probably will for some time. But it's not all bad on this front either, with German manufacturers already seeing sales returning in Asia, and to China in particular."
