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2/21/2019, 9:34 AM (Source: TeleTrader)
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German service sector grows in February

Strong growth in Germany's service sector saw its composite PMI index increase to 52.7 points in February from the previous month's 52.1, according to a preliminary report released by IHS Markit on Thursday. Although the reading was its highest since last October, the index continued to grow at one of the slowest rates in the last five-and-a-half years.

On the other hand, the country's manufacturing sector fell for the first time since April 2013 to drop to a 74-month low of 47.6 in February. Commenting on the data, IHS Markit principal economist Phil Smith said that "the manufacturing PMI fell further into contractionary territory in February to its lowest in over six years, with sustained robust job creation at factories the only positive takeaway. The strength in employment is perhaps surprising given the order book situation and lack of pressures on capacity, but goods producers are seemingly looking through the current soft patch in demand."

Baha Breaking the News (BBN) / DZ