German Composite PMI Output Index, which encompasses both the services and the manufacturing business activity, stood at 50.6 in June, down from 53.9 registered a month prior and hitting a five-month low, S&P Global and Hamburg Commercial Bank revealed in their final report released on Wednesday. The figure was slightly lower compared to the preliminary reading.
The Services PMI Business Activity Index also decreased from 57.2 in May to 54.1 in June. "The index indicated a loss of momentum for the first time in the current sequence of expansion that stretches back to January," it was noted in the report.
After the services index "had risen for the first five months of the year, signaling a sustained acceleration in growth, the rate of expansion is now slowing. In parallel, growth in new business has also softened. This development comes as no surprise," Chief Economist at HCOB Dr. Cyrus de la Rubia said.
