German service sector activity contracts in October - PMI
© Reuters. FILE PHOTO: People walk on a shopping street in the southern German town of Konstanz January 17, 2015.REUTERS/Arnd Wiegmann/File Photo
The HCOB final services Purchasing Managers' Index fell to 48.2 in October from 50.3 in September, sliding back below the 50 level that signals growth in activity. "This downturn in new work has been ongoing since July, thus it looks like we are in for a few tough months," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
October's survey showed that service providers were only cautiously optimistic about the year-ahead outlook for activity, with concerns about the wider economy and persistent inflationary pressures dampening confidence.
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