Financial News: Downturn In German Private Sector Slows

Downturn In German Private Sector Slows

03/21/2024 - 05:22:00 (RTTNews)

(RTTNews) - Germany's private sector contracted slightly in March as the service sector came close to stabilization, flash survey data from S&P Global showed on Thursday.

The headline HCOB flash composite output index rose to a three-month high of 47.4 in March from 46.3 in the previous month. The reading was seen at 47.0.

At 49.8, the services Purchasing Managers' Index rose to a six-month high, from 48.3 a month ago. The expected reading was 48.8.

The manufacturing PMI unexpectedly fell to a five-month low of 41.6 from 42.5 in the prior month. The reading was expected to climb to 43.1.

"Germany is not getting back on track," said HCOB Chief Economist Cyrus de la Rubia. "Overall, Germany now teeters on the edge of a technical recession," the economist added.

".our GDP nowcast is at -0.3%. This corresponds to the rate of contraction in the fourth quarter of 2023," Rubia said.

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