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Financial News: Germany's Private Sector Growth Moderates In September

Germany's Private Sector Growth Moderates In September

09/21/2018 - 03:54:00 (RTTNews)

(RTTNews) - Germany's private sector growth moderated from a six-month high in September, survey data from IHS Markit showed Friday.

The composite output index fell to 55.3 in September from a six-month high of 55.6 in August. Nonetheless, the latest reading was still the second-best seen since February. The expected reading was 55.4.

Data showed a contrast in performance between the two main areas of the German economy, with services gaining growth momentum and overtaking a slowing manufacturing sector.

The services Purchasing Managers' Index rose to 56.5 from 55.0 in August. The score was expected to remain unchanged at 55.0.

Meanwhile, the factory PMI declined to a 25-month low of 53.7 from 55.9 in the previous month. Economists had forecast the indicator to drop slightly to 55.7. The index has now fallen in eight of the past nine months.

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