Investing.com - Service sector activity in Germany expanded at a faster rate than initially expected in November, hitting a ten-month high, revised data showed on Wednesday.
In a report, market research group Markit said that its final German services purchasing managers’ index rose to a seasonally adjusted 55.7 in November, up from a preliminary reading of 54.5 and compared to 52.9 in October.
Analysts had expected the final reading to hold steady at 54.5.
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, “November’s PMI surveys have served up a double helping of good news for the German economy, as services joined manufacturing in recording robust output growth and a faster upturn than one month earlier.”
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.06% to trade at 1.3581.
Meanwhile, European stock markets were mixed after the open. The EURO STOXX 50 fell 0.1%, France’s CAC 40 rose 0.2%, London’s FTSE 100 was down 0.1%, while Germany's DAX added 0.15%.
In a report, market research group Markit said that its final German services purchasing managers’ index rose to a seasonally adjusted 55.7 in November, up from a preliminary reading of 54.5 and compared to 52.9 in October.
Analysts had expected the final reading to hold steady at 54.5.
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, “November’s PMI surveys have served up a double helping of good news for the German economy, as services joined manufacturing in recording robust output growth and a faster upturn than one month earlier.”
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.06% to trade at 1.3581.
Meanwhile, European stock markets were mixed after the open. The EURO STOXX 50 fell 0.1%, France’s CAC 40 rose 0.2%, London’s FTSE 100 was down 0.1%, while Germany's DAX added 0.15%.