Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
FILE PHOTO: People eat outdoors in a cordoned-off area of a restaurant on the historic main market square of Soest, Germany, May 12, 2021, as the North-Rhine Westphalian town eased their lock-down policy during the spread of the COVID-19 pandemic. REUTERS/Wolfgang Rattay
Decline in German services sector eases, raising hopes for milder recession -PMI
BERLIN (Reuters) – High inflation and economic uncertainty extended a downturn in the German services sector in December, though a slower pace of decline in activity adds to hopes of a milder-than-expected recession, a survey showed on Wednesday.
S&P Global’s final services Purchasing Managers’ Index (PMI) rose to 49.2 from 46.1 in November. That marks the highest reading since July, when the current downturn began, and was slightly above a flash estimate of 49.0.
Slower input cost and output charge inflation were a further sign that underlying price pressures have passed their peak, said Phil Smith, economic associate director at S&P Global, though they were still among the highest levels on record.
“Encouragingly, however, the downturn has lost momentum, which together with a slower decline in manufacturing production at the end of the year adds to the hopes that any recession will be milder than initially feared,” said Smith.
The German composite PMI index, which comprises both the services and manufacturing sectors, rose to 49.0 in December from 46.3 in November, slightly above a flash reading of 48.9.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
December marked the sixth month in a row that the reading was below the 50 mark that separates growth from contraction.
(Reporting by Miranda Murray; Editing by Susan Fenton)
Join millions of others and stay up to date with the latest developments.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.