News Formal

German business activity suffers steepest decline since May 2020

  • 📰 Reuters
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 97%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

German business activity contracted at the fastest pace for more than three years in August, a preliminary survey showed on Wednesday.

The HCOB German Flash Composite Purchasing Managers' Index , compiled by S&P Global, fell to 44.7 from July's 48.5, hitting its lowest since May 2020 and confounding analysts' expectations for a reading of 48.3.The composite PMI index tracks the services and manufacturing sectors, which together account for more than two-thirds of Germany's economy. A deepening downturn in manufacturing output was accompanied by a renewed contraction in services activity.

Business activity in the services sector contracted for the first time in eight months. The sector reading fell to 47.3 from 52.3, marking a nine-month low. Businesses remained pessimistic about the outlook as rising interest rates, customer uncertainty and high inflation continued to weigh on demand for goods and services, the survey showed.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 2. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Nikola says it may incur ‘significant’ costs over truck recall and business may be adversely impactedNikola Corp. offered an update Monday on its recent voluntary recall of more than 200 of its electric vehicles after an investigation into their battery...
Källa: MarketWatch - 🏆 3. / 97 Läs mer »

Big business mulls approach to Trump bid after opposing 2020 election liesTop CEOs value stable democracy but risk backlash for advocacy amid Trump presidential bid, analysts say.
Källa: ABC - 🏆 471. / 51 Läs mer »