HCOB Flash德国综合采购经理人指数在2025年1月意外跃升至50.1，为2024年6月以来的最高水平，而12月为48，超过了48.8的预测。数据显示，私营部门的商业活动在连续六个月萎缩后总体稳定，因为对制造业的拖累有所缓解（44.1比42.5），服务业扩张更快（52.5比51.2）。尽管采购经理人指数（PMI）有所上升，但由于潜在需求疲软，德国经济仍缺乏活力，新业务进一步下降（尽管速度较慢）突显了这一点。由于积压订单的工作在一定程度上支持了活动水平，公司继续通过进一步裁员来缩减产能。在价格方面，由于成本急剧上升，平均价格显示出11个月来最快的通货膨胀率。展望未来，企业对未来活动表现出更大的乐观态度，这两个行业的预期都有所改善。

The HCOB Flash Germany Composite PMI unexpectedly jumped to 50.1 in January 2025, the highest since June 2024, compared to 48 in December and beating forecasts of 48.8. The reading showed private sector business activity was broadly stable, after shrinking for six straight months, as the drag on the manufacturing sector eased (44.1 vs 42.5) and services expanded faster (52.5 vs 51.2). Despite the rise in the PMI, there remained a lack of dynamism in the German economy due to weakness in underlying demand, which was highlighted by a further - albeit slower – decrease in new business. With activity levels being supported to some extent by work on backlogged orders, firms continued to scale back capacity via further job cuts. On the price front, average prices charged showed the fastest rate of inflation for 11 months, driven by steeply rising costs. Looking ahead, businesses showed greater optimism towards future activity, with expectations improving in both sectors.