FXStreet (Mumbai) - Germany’s Manufacturing PMI came in at 52.1 in January as against 53.2 recorded in December. Manufacturing PMI is at a 3-month low. Services PMI dropped as well, falling to 55.4, down from December’s 56.0. Composite PMI in January stood at 54.5, lower than 55.5 seen in December. Service providers reported a further solid, albeit weaker increase in business activity, while manufacturing output rose at the slowest pace for eight months. Some goods producers blamed a struggling oil industry for the slowdown. The level of new business received by German private sector firms rose for the thirteenth month running in January. The rate of growth was little changed since December and robust overall. Meanwhile, January saw input costs at Germany’s private sector firms fall for the first time in nearly a year in January, with manufacturers reporting one of the steepest drops in input prices since the financial crisis. The slowdown in Germany’s manufacturing sector was also highlighted by a weaker rise in purchasing activity. German service providers were however upbeat about their 12-month prospects for activity, with the level of positive sentiment the highest in almost five years. For more information, read our latest forex news.