By Geoffrey Smith
Investing.com -- Activity in Europe's largest manufacturing economy improved in November for the first time since Russia's invasion of Ukraine, according to a closely-watched business survey.
The manufacturing purchasing managers index compiled by S&P Global rose to 46.7 from 45.1 in October, defying expectations of a further decline but remaining clearly below the 50 level that typically separates growth from contraction.
“November’s flash PMI survey doesn’t alter the narrative that Germany is likely heading for a recession, but it does offer some hope that the contraction in the economy will perhaps be shallower than first feared," S&P economist Phil Smith said in a statement.
S&P noted that companies reported a clear slowdown in the rise of input prices that has dogged industry all year. That is consistent with anecdotal reports from individual companies such as Siemens (NS: SIEM ) (ETR: SIEGn ) that showed a clear easing of supply chain bottlenecks in the last few months.
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