German Private Sector Expands In September
Driven by a sharp rise in manufacturing output, Germany’s private sector continued to expand in September, albeit at a slower pace, survey results from IHS Markit showed Wednesday.
The composite output index dropped more-than-expected to 53.7 in September from 54.4 in August.
The expected reading was 54.1. Nonetheless, a score above 50 indicates expansion.
The survey showed a continued loss of momentum in the recovery from the covid-19 shutdown. Following increases in each of the previous two months, the service sector shrank in September.
The flash services Purchasing Managers’ Index fell to 49.1 from 52.5 a month ago. The reading was forecast to rise to 53.0.
Meanwhile, the manufacturing PMI rose to a 26-month high of 56.6 from 52.2 in August. Economists had forecast the index to climb to 52.5.