2/3, 9:57 AM (Source: TeleTrader)
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German services PMI rises in January, first time in 7 months

The seasonally adjusted headline S&P Global Germany Services PMI Business Activity Index came in at 50.7 in January, up from December's 49.2, marking an increase of 1.5 index points, S&P Global and BME said in the latest report on Friday. The result came above the 50.0 threshold for the first time in seven months.

The upturn in business activity was joined by companies' increased optimism as to economic outlook and the increase in employment growth. Still, demand conditions remained under pressure from high prices and tightening financial conditions.

"January's upturn in activity was largely supported by catch-up effects as firms worked through backlogs, and that a pick-up in demand is needed for sustained growth. Businesses' optimism towards growth prospects has increased, though expectations remain lower than the pre-pandemic average," S&P Global Economic Associate Director at Phil Smith, remarked.

Baha Breaking News (BBN) / MX