12/5/2023, 9:58 AM (Source: TeleTrader)
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German services activity rises in November

Germany Services PMI Business Activity Index stood at 49.6 in November, 1.4 index points higher in comparison to the previous month, according to the final report by S&P Global and Hamburg Commercial Bank published on Tuesday.

Germany Composite PMI Output Index, covering both, the services and the manufacturing business activity, increased by 1.9 index points from October to reach 47.8 in November.

"These numbers for the German service sector defy the gloom one might have anticipated amid the manufacturing sector recession ... Instead, most indicators show that the problems of the sector are starting to ease a bit. Nevertheless, our GDP nowcast model signals negative growth for the fourth quarter. This would mean that Germany is in a recession after having registered a 0.1% drop in the third quarter," HCOB Chief Economist Cyrus de la Rubia said.

Baha Breaking News (BBN) / DD