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5/5, 9:56 AM (Source: TeleTrader)
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Germany's services PMI stagnates in April

Germany's services sector experienced stagnation in April as the seasonally adjusted Business Activity Index came in at 49.9, declining 1.6 points in comparison to the previous month and missing expectations, IHS Markit revealed in its report published on Wednesday.

On the other hand, the country's Composite Output Index continued to grow, although it saw a decrease in comparison to March's 37-month high of 57.3, standing at 55.8 in April. The report stressed such a result was due to "the combination of a broad stagnation in services activity and a slower expansion in goods production."

"The tightening of COVID-19 lockdown measures in April stopped the service sector's recovery in its tracks, having led to renewed declines in activity at customer-facing businesses," Phil Smith, Economics Associate Director at IHS Markit, noted. "As demand for many services is still subdued, output prices across the sector as a whole are increasing only steadily."

Breaking the News / JR