The S&P Global Germany Manufacturing PMI was confirmed at 54.2 in October 2026, the second-highest reading in nearly four-and-a-half years, narrowly below August’s recent peak and up from 53.9 in September. This signaled continued robust growth in manufacturing output, driven by increasing export demand.
Factory employment moved closer to stabilisation, recording its smallest decline in more than three years, as further evidence emerged of mounting capacity pressures. However, alongside a sharp acceleration in input cost inflation to its highest rate since May and a deterioration in supplier delivery times, the latest data indicated weaker output growth expectations among manufacturers for the year ahead and an accumulation of input buffer stocks.
