Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

German private sector grows in Aug after 11-month slide

Published 09/03/2009, 03:55 AM
Updated 09/03/2009, 03:57 AM

BERLIN, Sept 3 (Reuters) - Rising output and fresh orders drove Germany's private sector back to growth in August after 11 months of contraction, final data from a key survey of purchasing managers confirmed on Thursday.

Final figures for the Markit PMI showed a headline composite measure of business activity rising to 54.0 in August from 49.0 in July -- a broad jump past the 50 mark that separates growth from contraction.

The data followed a flash estimate released earlier this month that had shown the composite measure -- which covers both the manufacturing and services sectors -- posting a reading of 54.2.

A sub-index tracking new business across the private sector rose to 51.6 in August from 47.6 in July. The flash estimate had shown it posting 51.5.

The headline PMI covering the service sector rose to 53.8 in August from July's 48.1, with the final reading just below the flash estimate of 54.1. Data compiler Markit said this was the biggest single monthly gain since the series began in June 1997.

"The rise in the headline (services) index was driven by improved performances in the financial intermediation, renting and business activities, and transport and storage sectors," Markit said in a statement.

The sub index tracking business expectations in the service sector was confirmed in final data to have risen to its highest level in almost four years, hitting 61.8 in August after posting a 54.4 reading in July.

(Reporting by Brian Rohan; Editing by Victoria Main)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.