FX.co ★ Germany Manufacturing PMI Revised Slightly Up

The S&P Global Germany Manufacturing PMI for September 2026 was revised up slightly to 53.9 from a preliminary reading of 53.8, indicating a moderation in growth from August’s 54.3, which had marked the strongest expansion since May 2022. Nonetheless, the survey continued to signal robust increases in both output and new orders.

Manufacturers were also more upbeat about the outlook, with expectations for the year ahead improving to their highest level since February. This renewed optimism came despite firms contending with a resurgence in cost pressures driven by higher energy prices, alongside persistent and widespread supply delays.

At the same time, there were growing signs of strain on operating capacity, highlighted by a sharp and faster rise in backlogs of work, the steepest accumulation of outstanding orders since April 2022. In line with this, companies showed greater caution in reducing headcount: employment declined only marginally in September, and at the slowest pace in three years.