German business activity slump suggests recession 'well underway' -PMI

  • 📰 Reuters
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Business activity in Germany contracted for a fourth straight month in October as manufacturing's downturn was matched by a renewed decline in services, a preliminary survey showed on Tuesday, suggesting a recession is well underway.

The HCOB German Flash Composite Purchasing Managers' Index , compiled by S&P Global, fell to 45.8 in October from September's 46.4, below the 46.7 forecast by economists.The composite PMI index tracks the services and manufacturing sectors that together account for more than two-thirds of the German economy, Europe's biggest.

Business activity in the services sector was unexpectedly back in contraction territory after slight growth the month before, with the reading falling to 48.0 from 50.3 in September. Analysts polled by Reuters had expected a reading of 50.0. The manufacturing PMI rose slightly for the fourth month in a row, to 40.7 from 39.6 in September, in line with analysts' expectations, though still deep in contraction territory.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

German business activity slump suggests recession 'well underway' -PMIGerman business activity slump suggests recession 'well underway' -PMI
Source: Investingcom - 🏆 450. / 53 Read more »

Paramount's Shari Redstone is open for business, but business may not be open for herParamount Global controlling shareholder Shari Redstone is open to doing a transformative deal, but market conditions are making it very difficult.
Source: NBCNewYork - 🏆 270. / 63 Read more »