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Financial News: Germany's Private Sector Expansion Loses Momentum

Germany's Private Sector Expansion Loses Momentum

10/22/2021 - 05:56:00 (RTTNews)

(RTTNews) - Germany's private sector growth weakened to an eight-month low in October, flash survey results from IHS Markit showed on Friday. The headline composite output index fell more-than-expected to 52.0 in October from 55.5 in the previous month.

The expected level was 54.0. The index has fallen in each month since hitting a record high in July. Nonetheless, a reading above 50.0 indicates expansion in the sector.

October's flash PMI data point to economic activity in Germany beginning to plateau at the start of the fourth quarter, Phil Smith, an associate director at IHS Markit said.

"We saw a divergence in the expectations of service providers from those of manufacturers, with the latter growing increasingly concerned about supply chains issues, which are expected to continue well into 2022," said Smith.

The manufacturing Purchasing Managers' Index fell to a nine-month low of 58.2 from 58.4 in September. This was also above economists' forecast of 56.5.

At the same time, the services PMI declined to 52.4 from 56.2 a month ago. Economists had forecast the index to drop moderately to 55.0.

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