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10/5/2022, 9:56 AM (Source: TeleTrader)
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German Sept. Services PMI lowest since May 2020

Germany Services PMI Business Activity Index stood at 45 in September, 2.7 index points lower in comparison to the previous month, according to a report by S&P Global published on Wednesday. The figure landed at its weakest level in 28 months.

The sector's downturn continued primarily due to plummeting demand, declining levels of new work from abroad, energy-caused price pressures and increasing economic uncertainty. S&P Global Market Intelligence Economic Associate Director Phil Smith noted in the report that the readings indicate that the German economy will shrink in the third quarter and that the contraction may extend to the fourth trimester.

Meanwhile, the Germany Composite PMI Output Index, covering both, the services and the manufacturing business activity, decreased by 1.2 index points from August 2022 to land at 45.7 in September 2022 and at the same time represented the lowest point for the index since May 2020.

Baha Breaking News (BBN) / MS