Germany service activity at 8-month high

[German flag against cloudy sky]
Reinhard Krull

* The headline HCOB Germany Services PMI Business Activity Index reported at 51.5 in September, an 8-month high. This compares to August’s 49.3 level, and was back above the 50.0 threshold that separates growth from contraction.
* The HCOB Germany Composite PMI Output Index improved to a 16-month high of 52.0 in September, up from 50.5 in August.
* “At first glance, the PMI figures for September are encouraging. The service and manufacturing sectors have together seen a robust increase in output, and the pace of expansion is at its highest in sixteen months. However, there are some downsides. In the manufacturing sector, new orders fell in September, ending a three-month growth streak. And in the service sector, new business has shrunk again, albeit the decrease has softened a bit compared to the previous month. It therefore does not look as if output in the private sector will rise sustainably in the coming months, unless demand revives." said [https://www.pmi.spglobal.com/Public/Home/PressRelease/cc7924c4d69e4c78b7c9ebd60246107b] Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.
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