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Financial News: Germany's Private Sector Contracts Most Since Late 2012

Germany's Private Sector Contracts Most Since Late 2012

09/23/2019 - 05:07:00 (RTTNews)

(RTTNews) - Germany's private sector contracted the most since late 2012 as the downturn in manufacturing deepened and service sector growth lost momentum, survey data from IHS Markit showed Monday.

The flash composite Purchasing Managers' Index declined to 49.1 in September from 51.7 in August. It was the first reading below the 50 'no change' threshold since April 2013. The rate of decline signaled was the steepest in almost seven years.

The services PMI came in at a 9-month low of 52.5 versus 54.8 a month ago. The reading was expected to fall to 54.4.

The factory PMI plunged unexpectedly to a 123-month low of 41.4 compared to 43.5 in August.

The economy is limping towards the final quarter of the year and, on its current trajectory, might not see any growth before the end of 2019, Phil Smith, principal economist at IHS Markit said.

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