The HCOB Germany Construction PMI edged down to 46.0 in August 2025 from July’s 29-month high of 46.3, signaling a renewed acceleration in sector contraction. Commercial activity fell the most since March, while housing activity remained weak but eased to its slowest rate of decline in two-and-a-half years. Infrastructure work provided a rare bright spot, expanding solidly for the second time in three months. Still, overall new orders continued to shrink under pressure from sluggish economic conditions and elevated costs. On the labor front, job cuts slowed for the third straight month, resulting in only a marginal fall in employment—the mildest reduction since staffing declines began in April 2022. Input price inflation eased, but subcontractor charges climbed at their fastest pace in over a year. Meanwhile, business sentiment deteriorated to a four-month low.
作者：Joana Ferreira，文章来源tradingeconomics，版权归原作者所有，如有侵权请联系本人删除。
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