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Financial News: German Private Sector Growth Improves In June

German Private Sector Growth Improves In June

06/22/2018 - 03:55:00 (RTTNews)

(RTTNews) - Germany's private sector growth picked up pace in June, driven by stronger rise in services business activity, preliminary survey results from IHS Markit showed Friday.

The composite output index rose to 54.2 in June from 53.4 in May. Any reading above 50 indicates expansion in the sector.

However, the growth rate was still the second-lowest over the past 21 months.

The services Purchasing Managers' Index climbed to a 3-month high of 53.9 in June from 52.1 in May. The index was forecast to increase to 52.2.

Meanwhile, manufacturing output growth slowed for the first time in six months to an eighteen-month low in June. The manufacturing PMI fell to 55.9 from 56.9 in May. The expected score was 56.3.

"Services firms are in buoyant mood towards the outlook over the next 12 months, but manufacturers see growth continuing to cool and are their least optimistic for over three years," Phil Smith, Principal Economist at IHS Markit said.

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