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.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: ABC - 🏆 471. / 51 Read more »