Germany's Private Sector Rebounds In July
Germany’s private sector rebounded in July from the record contraction seen in April at the height of the lockdown measures related to the coronavirus outbreak, flash data from IHS Markit showed Friday.
The composite output index rose to 55.5 in July from 47.0 in June. The reading was also above economists’ forecast of 50.3. A score above 50 indicates expansion.
The flash services Purchasing Managers’ Index climbed to 56.7 from 47.3 in June and was above forecast of 50.5.
The flash manufacturing PMI came in at neutral 50.0 versus 45.2 in June. The reading was forecast to rise moderately to 48.0 in July.
“July’s PMI registered firmly in growth territory and well above expectations, in a clear sign that business conditions are improving across Germany as activity and demand recover,” Phil Smith, associate director at IHS Markit said.