FXStreet (Mumbai) – The Markit final German Services Business Activity Index printed at 53.0 in May, down from 54.0 in April. The actual print was slightly higher than the estimate of 52.9.
New orders at German service firms rose at a slower pace in May, while the rate of job creation accelerated slightly since April and was above the long-run series trend. The rate of input price inflation eased slightly since April, but was broadly in line with the survey’s average. Meanwhile, Output prices in Germany’s service sector rose for a fourth straight month in May.
As per Oliver Kolodseike, economist at Markit and the author of the report, “Germany’s service sector shifted down a gear in May, with the latest set of PMI results showing that activity increased at the slowest pace in 2015 so far. New business growth also eased during the month, largely attributed to a decline in new work placed with Transport & Storage companies.”
(Market News Provided by FXstreet)