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Financial News: Germany's Private Sector Recovery Loses Some Momentum

Germany's Private Sector Recovery Loses Some Momentum

08/21/2020 - 05:52:00 (RTTNews)

(RTTNews) - Germany's private sector recovery slowed in August due to the loss of momentum in the service sector, flash survey results from IHS Markit showed Friday.

The flash composite output index fell more-than-expected to 53.7 in August from a near two-year high of 55.3 in July. Economists had forecast the score to climb to 55.0.

The drop in the indicator reflected a slower rise in service sector business activity. By contrast, manufacturing production rose sharply and at the quickest rate for two-and-a-half years.

The services Purchasing Managers' Index fell to 50.8 in August from 55.6 in July. The expected reading was 55.1.

Meanwhile, the manufacturing PMI rose to 53.0 from 51.0 in July. The score was also above economists' forecast of 52.5.

Phil Smith, associate director at IHS Markit, said following the rapid gains in the German PMI in each of the previous three months that coincided with the initial reopening of the economy, August's flash results show the recovery having lost some momentum.

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