German services sector loses momentum

Thursday, 03. October 2019 09:57

The German services sector PMI index declined to 51.4 in September from 54.8 in the previous month, IHS Markit said in a report published on Thursday. The decline marks the lowest reading in the index in three years.

Most of the slowdown can be attributed to lower inflows of business, the report said. New work and outstanding business also fell in September, but jobs managed to increase at historical highs.

Phil Smith, principal economist at IHS Markit said: ""The slowdown in the service sector in September was even worse than first feared, with the final results showing the weakest business activity growth for three years. A technical recession now looks to be all but confirmed."

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