German service sector business activity recorded a slower fall in December, with the PMI index coming in at 49.2, up from November's reading of 46.1, S&P Global revealed Wednesday. The report noted that despite price pressures, business confidence improved for the third consecutive month.
Meanwhile, the Composite PMI Output Index recovered further in December, reaching 49.0, better than the previous 46.3, registered in November, and signaling a broader rebound in business expectations.
"Business confidence has recovered somewhat after having hit a near two-and-a-half-year low back in September, helped in part by the announcement of gas and power price caps, but concerns about the outlook, including those around energy, haven't gone away entirely and growth expectations remain muted," said Phil Smith, Economic Associate Director at S&P Global Market Intelligence.
