Phil Smith, deputy director of economics at S&P Global Market Intelligence, said Germany’s manufacturing rebound stalled in May, confirming PMI signals that growth driven by front-loaded orders may fade. New orders fell for the first time this year amid high uncertainty and surging prices, while manufacturing input-cost pressures continued to rise. Output price inflation was broadly unchanged from April as weak demand led some firms to be more cautious on pricing.

2026-06-01

Phil Smith, deputy director of economics at S&P Global Market Intelligence, said Germany’s manufacturing rebound stalled in May, confirming PMI signals that growth driven by front-loaded orders may fade. New orders fell for the first time this year amid high uncertainty and surging prices, while manufacturing input-cost pressures continued to rise. Output price inflation was broadly unchanged from April as weak demand led some firms to be more cautious on pricing.