Germany's June services PMI tops forecasts

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creisinger

Services PMI in Germany increased to 48.60 points in June from 48.10 points in May, above estimates of 46.8.

Composite PMI in Germany increased to 49.50 points in June from 48.80 points in May, beating market expectations of 48.

"The service sector continues to suffer from the generally more challenging economic backdrop seen since the start of the Middle East war, with demand under pressure from lower market confidence, higher prices and tighter financial conditions. The pace of contraction in services business activity in June was the weakest seen since the downturn began in April, but the headline index nevertheless pointed to the sector’s worst quarterly performance for three-and-a-half years," said Phil Smith, Economics Associate Director at S&P Global Market Intelligence.

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