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7/3, 9:56 AM (Source: TeleTrader)
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Germany services PMI up to 47.3 in June

Germany Services PMI Business Activity Index stood at 47.3 in June, 14.7 index points higher in comparison to the previous month, according to a report by IHS Markit published on Friday. The June 2020 figure was the highest in four months.

The index remained in contraction territory primarily due to the general drop in demand, while the companies' expectations related to future business activity turned positive for the first time in four months, the report noted. Meanwhile, Germany Composite Output Index, which takes both, the services and the manufacturing business activity into account, increased by 14.7 index points to reach 47.

"On its current trajectory the PMI suggests the economy will see a rebound in the third quarter. However, even if the country is able to avoid a fullscale second wave of the coronavirus, the prospects of further local lockdowns and more job losses point to a bumpy road to recovery," Associate Director at IHS Markit Phil Smith said in the report.

Breaking the News / MS