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Economic Calendar

German Construction Downturn Deepens

The S&P Global Germany Construction PMI fell to 42.1 in July 2026 from 44.8 in June, signaling a sharper contraction in construction activity and the weakest reading in three months. The index remained below the 50 threshold for the seventh consecutive month, highlighting the sector’s prolonged downturn. Housing remained the weakest-performing segment, with activity falling at the fastest pace in three months, while commercial building activity also declined at a faster pace. By contrast, civil engineering returned to growth for the first time in three months. New orders continued to fall as high prices and delayed customer decision-making weighed on demand. Employment declined for a sixth consecutive month, while purchasing activity also weakened. Meanwhile, input cost inflation eased to a five-month low and supplier delivery delays moderated for a second straight month. Business confidence remained negative and edged lower.

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