Investing.com - Service sector activity in Germany in September contracted at the fastest pace since March 2009, as employment fell at the fastest pace since May 2009, revised data showed on Wednesday.
In a report, market research group Markit said that its revised German services purchasing managers’ index declined to a seasonally adjusted 49.7 in September, down from a preliminary reading of 50.6.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “There were ample signs that confidence remained fragile at the end of the third quarter, with the 12-month outlook the lowest for three-and-a-half years and employment falling at the steepest pace since May 2009.”
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.08% to trade at 1.2908.
Meanwhile, European stock markets were broadly lower after the open. The EURO STOXX 50 fell 0.55%, France’s CAC 40 shed 0.7%, London’s FTSE 100 declined 0.35%, while Germany's DAX dipped 0.4%.
In a report, market research group Markit said that its revised German services purchasing managers’ index declined to a seasonally adjusted 49.7 in September, down from a preliminary reading of 50.6.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “There were ample signs that confidence remained fragile at the end of the third quarter, with the 12-month outlook the lowest for three-and-a-half years and employment falling at the steepest pace since May 2009.”
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.08% to trade at 1.2908.
Meanwhile, European stock markets were broadly lower after the open. The EURO STOXX 50 fell 0.55%, France’s CAC 40 shed 0.7%, London’s FTSE 100 declined 0.35%, while Germany's DAX dipped 0.4%.