CGinspiration
The headline HCOB Germany Services PMI at 51.2, down from July’s 52.5, the latest reading signalled only a modest rate of expansion that was the weakest since March.
Key findings include: input cost inflation slows to three-and-a-half year low.
“Without growth in the private service sector, Germany’s economic picture would be pretty grim. This sector, which accounts for just over 40% of the economy, has been a major stabilizing force, offsetting the recessions in manufacturing and construction. But that support is starting to weaken. Growth slowed again in August. Even though lower inflation and higher wages should be boosting the service sector, the growth trend has been sliding downhill for three months now.” said Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.
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