German services sector activity slows in October - Breaking The News

German services sector activity slows in October

6 November

1 min read

EPA-EFE/ANNA SZILAGYI

The German services sector observed a slowdown in activity at the start of the fourth quarter due to "persistent weakness" in demand, S&P Global and Hamburg Commercial Bank revealed on Monday.

The Services PMI Business Activity Index landed at 48.2 in October, falling by 2.1 index points in comparison to the month before, while the Composite PMI Output Index, covering both services and manufacturing business activity in Germany, slipped by 0.5 index points on a monthly basis, clocking in at 45.9 in October. Both figures, however, came in slightly higher than expected.

"While we're seeing some relief in inflationary pressures, the latest surge in oil prices is bad news, particularly for transportation. This spike could derail the downward trend and spell trouble for the service sector, as rising costs and output prices could dampen customer demand," HCOB Chief Economist Cyrus de la Rubia said.

data services pmi

Australian services activity expands at slower pace in February

2 hours ago

The activity in the Australian services sector expanded for the thirteenth time in a row in February, albeit at a slower pace, with new business growth remaining solid since the previous month. However, foreign sales rose to a slower degree, according to S&P Global's report released on Tuesday. The seasonally adjusted S&P Global Australia Services PMI Business Activity Index came in at 50.8 in February, marginally above the neutral 50 mark and lower...

US oil inventories reportedly down by 1.45M barrels

3 hours ago

Crude oil inventories in the United States dropped by 1.45 million barrels in the week that ended February 28, private data from the American Petroleum Institute (API) allegedly showed on Tuesday.In the reported week, distillate inventories allegedly increased by 1.14 million barrels, while gasoline stockpiles declined by 1.25 million barrels. Meanwhile, reserves in Cushing, Oklahoma, reportedly grew by 1.63 million barrels during the same period.

Eurozone unemployment stable at 6.2% in January

14 hours ago

The unemployment rate in the Eurozone in January remained unchanged from December, standing at 6.2%, Eurostat said in a report on Tuesday. The unemployment rate in the European Union was recorded at 5.8%. The highest unemployment rate was measured in Spain at 10.4%, and the lowest was in Czechia and Poland at 2.6%.Unemployment in the Eurozone fell by 42,000 compared to December and 510,000 compared to January 2024. There are an...

Italian unemployment rate down to 6.3% in January

15 hours ago

The Italian unemployment rate fell to 6.3% in January compared to December, according to a report by Istat on Tuesday. Employment grew by 0.6% from the previous month, amounting to 145,000 people, with the employment rate at 62.8%, up 0.4 percentage points month-on-month.On a yearly basis, the employment rate added 1 percentage point. The number of employed people was higher by 513,000 or 2.2 percentage points compared to January 2024.

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.