Germany’s private sector grew at a slower pace in October, flash survey results from IHS Markit showed Tuesday.
The flash composite output index fell to 56.9 in October from September’s 77-month high of 57.7. Nonetheless, this was one of the highest readings seen since 2011.
IHS Markit said the private sector maintained strong growth momentum with inflows of new orders rising at the fastest pace for six-and-a-half years.
“Although the headline flash Composite Output PMI dipped slightly in October, the fundamentals remained strong and the economy has carried robust growth momentum into the closing stages of the year,” Phil Smith, principal economist at IHS Markit, said.
The services Purchasing Managers’ Index fell to 55.2 from 55.6 in September. The score was forecast to remain unchanged at 55.6.
Likewise, the manufacturing PMI came in at 60.5, down from 60.6 a month ago but above the expected score of 60.0.
Source: RTT News