The German Economy is hitting its straps

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The German Economy is hitting its straps. Markit's preliminary composite Purchasing Managers' Index (PMI), which tracks growth in the manufacturing and services sectors and covers more than two-thirds of the economy, rose to 54.3 in November from 53.2 the previous month. November's survey suggests that the German economy has built up a head of steam through the final quarter of 2013 and is well on track to achieve growth of close to 0.5% for the calendar year, said Markit's Tim Moore. There are also signs that solid growth momentum should be sustained over the months ahead, as new business received by private sector firms increased at the steepest pace for almost two-and-a-half years. Backlogs of work were accumulated across the German economy to the greatest degree since mid-2011, providing encouragement that improvements in investment spending and job creation will follow in the wake of the upturn in business conditions.

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