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Financial News: Germany's Composite PMI At 70-Month High

Germany's Composite PMI At 70-Month High

03/24/2017 - 05:04:00 (RTTNews)

(RTTNews) - Germany registered the fastest rate of private sector output growth in nearly six years at the end of the first quarter of 2017, flash survey results from IHS Markit showed Friday.

The composite output index rose for the second straight month in March, to 57.0 from 56.1 in February. This was the highest score since May 2011.

A reading above 50 indicates expansion in the sector and the current sequence of continuous expansion now stretches to 47 months.

The PMI data strongly suggest that economic growth will accelerate in the first quarter, Trevor Balchin, a senior economist at IHS Markit said.

The services Purchasing Managers' Index climbed more-than-expected to 55.6 in March from 54.4 in February. The services activity growth hit a 15-month high. The expected score was 54.5

The factory PMI climbed unexpectedly to 58.3 from 56.8 in February. The score was forecast to fall to 56.5.

The March PMI survey data also signaled a near-record rate of employment growth and the strongest cost pressures for nearly six years.

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