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German manufacturing just slumped to the lowest level since the financial crisis a?? and it's a major warning sign for the global economy

German manufacturing just slumped to the lowest level since the financial crisis a?? and it's a major warning sign for the global economy




US and European stock markets fell after a survey of German manufacturers delivered its lowest reading since the financial crisis.




The German PMI fell from 47.6 in February to 44.7 in March due to sharp declines in new orders, lower work backlogs, and firings.




France's PMI data also fell as demand for exports tumbled amid yellow-vest protests and turmoil during the Algerian elections.




You can see all of Business Insider's coverage of Germany's economic crisis here.



Stocks tumbled on Friday after a closely watched survey of German manufacturers delivered its lowest reading since the financial crisis.
Germany's manufacturing Purchasing Managers' Index (PMI) plunged from 47.6 in February to 44.7 in March. A survey reading below 50 indicates a contraction in activity.
The "alarming slide remains driven by a steady deterioration in new orders which fell at their quickest rate since 2012 thanks to persistent weakness in the auto sector and delayed decision making probably in part due to Brexit uncertainty among many clients." said Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics.
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