German services sector activity slips further in November
German service sector business activity continued to fall in November, with the PMI index coming in at 46.1, down from October's reading of 46.5, S&P Global revealed in its report published on Monday. The figure remained in the contraction territory for the fifth month in a row.
Meanwhile, the Composite PMI Output Index recovered in November, reaching 46.3 in comparison to the previous month's reading of 45.1. However, the figure still pointed to a contraction.
"November saw a sustained downturn in business activity across Germany's service sector, with the combination of high inflation and an uncertain economic outlook causing both households and businesses to rein in spending. As a result, a contraction in GDP in Q4 looks firmly on the cards," Economic Associate Director at S&P Global Market Intelligence Phil Smith commented.