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Financial News: German Private Sector Continues To Shrink

German Private Sector Continues To Shrink

01/24/2024 - 04:13:00 (RTTNews)

(RTTNews) - Germany's private sector shrank for the seventh consecutive month in January, flash survey compiled by S&P Global showed Wednesday.

The composite output index posted 47.1 in January, which was down from December's 47.4. The reading was forecast to improve to 47.8. A score below 50.0 indicates contraction.

The index signaled the quickest decline since October. Further, the survey showed a convergence in performance between the services and manufacturing sub-sectors.

The decline in manufacturing output eased to the weakest for eight months and services business activity posted its steepest drop for five months in January.

The services Purchasing Managers' Index fell to 47.6 from 49.3 in December. The expected score was 49.5.

The factory PMI registered 45.4, which was the highest in nearly one year, and up from 43.3 in December. The reading was also above forecast of 43.7.

"Recognizing the inherent uncertainty at this early stage, our GDP Nowcast, which considers the PMI data, suggests a continuation of the recession into the current quarter, however," said Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

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