German services sector growth slows in September - Breaking The News

German services sector growth slows in September

3 October

1 min read

EPA-EFE/CLEMENS BILAN

The activity growth in the German services sector declined to a six-month low in September, a report by S&P Global and Hamburg Commercial Bank (HCOB) showed on Thursday. The HCOB Germany Services PMI Business Activity Index stood at 50.6, falling from August's reading of 51.2.

"The services sector is starting to lose its role as an anchor of economic stability. Growth in the sector has slowed for the fourth month in a row, nearly coming to a halt in September. What is really worrying is the sharp drop in new orders, which had already lost a lot of momentum over the previous three months. If this downward trend keeps up, the situation in the services sector may get worse before getting better," HCOB Chief Economist Cyrus de la Rubia stated.

The HCOB Germany Composite PMI Output Index, which covers both services and manufacturing, hit a seven-month low of 47.5, but was up from the preliminary reading of 47.2.

data services pmi

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