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Financial News: German Private Sector Growth At 20-Month Low

German Private Sector Growth At 20-Month Low

05/23/2018 - 03:54:00 (RTTNews)

(RTTNews) - Germany's private sector activity expanded at the weakest pace in twenty months in May, preliminary survey results from IHS Markit showed Wednesday.

The composite output index dropped to 53.1 in May from 54.6 in April. However, any reading above 50 indicates growth in the sector.

The slowdown in May was mainly due to slower increases in both new orders and employment.

The services Purchasing Managers' Index fell to a 20-month low of 52.1 in May from 53.0 in the previous month. Meanwhile, it was forecast to remain stable at 53.0.

The manufacturing PMI came in at a 15-month low of 56.8 in May, down from 58.1 in April. The expected score for the month was 57.9.

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