German Private Sector Growth Once Again Slows In October
Business activity in the German private sector rose at the weakest pace in almost three-and-a-half years in October. Today’s data showed, that the preliminary German services purchasing managers’ index (PMI) declined to a five-month low of 53.6 in October, down from 55.9 in September. The indicator was below expectations for a reading of 55.5.
Meanwhile, the flash manufacturing PMI fell to 52.3 in October from a final reading of 53.7 in September. Analysts had expected the index to slip to 53.5. The indicator marked the lowest level in 29 months.
Flash German Composite Output Index, which measures the combined output of both the manufacturing and service sectors fell to a 41-month low of 52.7 this month, down from 55.0 in September. Economists had forecast a reading of 54.8.