German services activity at 5-month low in June
Germany's seasonally adjusted Services Purchasing Managers' Index (PMI) Business Activity Index stood at 52.4 in June, marking a decrease from the previous month's 55, the S&P Global revealed in its report on Tuesday. The figure was the lowest in five months.
The S&P Global Germany Composite PMI Output Index, combining the results achieved in services and manufacturing, amounted to 51.3 in June, down from May's reading of 53.7.
"We're seeing the fading of post-lockdown catch-up effects, combined with headwinds to growth from heightened economic uncertainty and elevated inflation," Economic Associate Director at S&P Global Phil Smith noted, adding that "cost inflation across the service sector remains close to April's record high, with businesses grappling with the increased price of energy and fuel, rising interest rates and growing wage pressures."