Decline In German Service Sector Activity Slows
German service sector contracted at a slower pace in November, detailed results of a survey by Markit Economics revealed Wednesday.
The outcome was in contrast to the preliminary finding that activity declined at a sharper pace than in October.
The headline business activity index for the service sector rose to 49.7 in November from 48.4 in October. The flash report showed a lower reading of 48.
A reading below 50 signals contraction and the index has now remained below the no-change mark for four consecutive months.
The final composite output index, which measures the combined output of the manufacturing and service sectors, posted 49.2 in November, up from 47.7 in October. November's final reading was higher than the earlier 'flash' figure of 47.9.
New orders at service providers fell further in November. The current period of new business reduction now stretches to eight months, which is the longest since 2008/09, Markit said.
Service providers remained downbeat about the prospects for business activity at their units over the next 12 months. Staff levels in service sector firms fell at the second-fastest rate since December 2009.
by RTT Staff Writer
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