German Manufacturing PMI Unexpectedly Fell in September
Growth of activity in the German services sector was not enough to offset a sharp slowdown in manufacturing. German Manufacturing PMI fell to 53.7 in September from 55.9 in August. Analysts had expected a drop to 55.7. The indicator showed the lowest level in more than two years.
Meanwhile, German services business activity increased to 56.5 from 55.0 in the previous month. The survey also showed, that German services companies continued to hire staff at a pace not seen in nearly 11 years and their business expectations improved further.
Markit's flash composite Purchasing Managers' Index (PMI), which tracks the manufacturing and services sectors that together account for more than two-thirds of the economy, fell to 55.3 from 55.6 the previous month. Economists had expected a slowdown to 55.4.