Business activity growth across Germany’s private sector recovered slightly in January, though was still among the weakest seen over the past four years, according to the latest PMI data from IHS Markit. Meanwhile, the survey’s measures of new orders and job creation worsened, with inflows of new business shown to have declined for the first time in over four years and employment growth easing to the slowest since December 2016.

On the price front, latest data showed a further softening of underlying cost pressures, with input price inflation pulling back to a 17-month low. Having slumped to a 66-month low of 51.6 in December, the IHS Markit Flash Germany Composite Output Index recovered slightly in January to register a reading of 52.1.