German business activity picks up in November, as price pressures hit record high -PMI

BERLIN, Nov 23 (Reuters) – Growth in Germany’s private sector accelerated slightly in November, but persistent supply bottlenecks in manufacturing continued to weigh on factory output and pushed up inflationary pressures to unprecedented highs, a survey showed on Tuesday.

IHS Markit’s flash Germany composite purchasing managers’ index rose to 52.8, a two-month high, from 52.0 in October. This was stronger than a Reuters poll of analysts who had predicted a decline to 51.0 in November. A reading above 50 marks growth in activity.

IHS Markit economist Lewis Cooper said the data showed that the slowdown in economic growth seen across Germany’s private sector over the previous three months was levelling off.

Export orders in Europe’s biggest economy showed a more resilient trend, but overall new work increased at the weakest rate since February.

The flash PMI for manufacturing…