German S&P Global Manufacturing PMI Final (Sep) 53.9 vs. Exp. 53.8 (Prev. 54.3)

"The numbers add to the growing narrative that economic conditions are holding up better than expected in the face of elevated energy prices and rising long-term interest rates." "With backlogs of work starting to build up, manufacturers are increasingly refraining from cutting workforce numbers. However, unless we see a material easing of cost pressures, it's difficult to imagine any kind of hiring spree across the sector, with goods producers likely to target productivity improvements to meet demand in the short-term at least."