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Financial News: German Private Sector Continues To Shrink In May

German Private Sector Continues To Shrink In May

05/21/2020 - 04:37:00 (RTTNews)

(RTTNews) - Germany's private sector continued to shrink in May, albeit the rate of decline eased from the record fall seen in April, survey results from IHS Markit showed Thursday.

The headline composite output index rose to 31.4 in May from April's record low of 17.4. But the score was below economists' forecast of 34.1.

Despite an improvement, the score was the second-lowest figure since comparable data first compiled in 1998. A reading below 50 indicates contraction.

Data showed steep falls in manufacturing production and services business activity, though in both cases the rates of contraction were discernibly slower than in April amid the reopening of parts of the economy after the coronavirus outbreak.

The services Purchasing Managers' Index climbed to 31.4 from 16.2 in the previous month. The expected level was 26.6.

At the same time, the manufacturing PMI came in at 36.8 versus 34.5 in the previous month and below forecast of 39.2.

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