STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBERLIN - German business activity contracted at the fastest pace for more than three years in August, a preliminary survey showed on Wednesday.
"Any hope that the service sector might rescue the German economy has evaporated," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank."Instead, the service sector is about to join the recession in manufacturing, which looks to have started in the second quarter." The manufacturing PMI rose to 39.1 in August from 38.8 in July but remained deeply in contraction territory, the survey showed.
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