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Financial News: German Private Sector Growth Improves In August

German Private Sector Growth Improves In August

08/23/2017 - 04:08:00 (RTTNews)

(RTTNews) - Germany's private sector activity expanded at a faster pace in August, as output growth strengthened in both the manufacturing and service sectors, flash survey data from IHS Markit showed Wednesday.

The composite output index climbed to a 2-month high of 55.7 in August from 54.7 in July. Any reading above 50 indicates expansion in the sector.

Moreover, output has risen continuously since May 2013, the second-longest sequence of growth since the series started in January 1998.

The flash services Purchasing Managers' Index rose to 53.4 from 53.1 in July. That was in line with economists' forecast.

Similarly, the factory PMI increased to 59.4 in August from 58.1 in July. In contrast, the index was expected to fall to 57.6.

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