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Financial News: Germany Private Sector Growth Steady In June

Germany Private Sector Growth Steady In June

06/21/2019 - 05:05:00 (RTTNews)

(RTTNews) - Germany's private sector growth remained unchanged in June, flash data from IHS Markit showed on Friday.

The flash composite purchasing managers' index, or PMI, showed a reading of 52.6 in June, same as seen in May. Economists had forecast a reading of 52.5.

A reading above 50 indicates expansion in the sector.

The flash manufacturing PMI rose to 45.4 in June from 44.3 in the previous month. Economists had forecast a score of 48.0.

The flash services PMI increased unexpectedly to 55.6 in June from 55.4 in the preceding month. Economists had forecast a reading of 55.3.

New business grew in the private sector after falling in the previous month. Export orders declined for the tenth consecutive month at the slowest pace since January.

Backlogs of work fell for the eight month in a row. Employment level increased further for the sixty-eighth straight month.

Job creation remained unchanged at three-year low with factories reducing headcount for fourth month in a row.

Overall input cost inflation eased to a thirty-four month low, while charge inflation was unchanged at May's twenty-two-month low.

Business confidence regarding output growth for the next twelve months decreased in June.

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