6/3, 9:55 AM (Source: TeleTrader)
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German service sector activity improves in May

Germany Services PMI Business Activity Index stood at 52.8 in May, returning to growth after the previous month's stagnation and gaining 2.9 index points compared to the figure from April, according to a report by IHS Markit released on Thursday.

Meanwhile, Germany's Composite Output Index, which takes the manufacturing business activity into account, along with services, moved up by 0.4 index points to reach 56.2. The report attributed the uptick to the improvement in the service sector.

"Germany's service sector started to revive in May, buoyed by the partial easing of lockdown measures and a surge in new business as progress in the vaccine rollout helped spur confidence and demand," Associate Director at IHS Markit Phil Smith asserted.

Breaking the News / BU