German has recorded modest loss in growth momentum in PMI services in November, according to IHS Markit survey. The final German Services PMI Activity Index stood at 54.3 in November.
The latest reading was lower than the 54.7 seen in the preceding. That meant the recent reading has hit a three-month low.
However, final Germany PMI Composite Output Index hit a 2-month high of 57.3 in November compared to 56.6 in October.
Businesses continued to add fresh staff amidst sustained pressure on capacity apart from demonstrating a strong pricing power through the increase of charges. Incidentally, the increased charges were one of the fastest rates witnessed in the last nine-year period.
As far as manufacturing output, a sharp and faster increase was seen in more than six and a half years. This helped to compensate the slower increase in services business activity.
The official release added, “Finally, November’s survey indicated a further weakening of firms’ confidence towards the outlook for business activity, down to the second-lowest in the year so far. That said, sentiment remained strongly positive by historical standards.”