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Financial News: German Private Sector Continues To Expand

German Private Sector Continues To Expand

08/23/2021 - 05:32:00 (RTTNews)

(RTTNews) - The German economy continued to grow strongly in August despite further constraints on manufacturing production, survey results from Markit showed Monday.

The composite output index dropped to 60.6 from 62.4 in July. The score was forecast to fall to 62.2.

By sector, services activity grew at a sharp rate that was only just shy of July's peak. On the other hand, manufacturing showed a more notable loss of momentum.

The services Purchasing Manager' Index fell to 61.5 from 61.8 in July, but the score was above economists' expectations of 61.0.

The factory PMI declined to a six-month low of 62.7 from 65.9 a month ago. The expected level was 65.0.

"Although growth has slowed down since July, the data are still pointing to a stronger economic expansion in the third quarter than the provisional 1.5 percent increase in GDP seen in the three months to June," Phil Smith, an associate director at IHS Markit said.

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