German services sector grows in September on strong demand, PMI shows

By Maria Martinez

BERLIN, ‌Oct 5 (Reuters) - ​Germany's ​service sector saw solid growth in business activity in September, supported by a sustained ‌recovery in demand, a business survey showed on ⁠Monday.

The final S&P Global Germany Services Purchasing Managers' Index ‌rose to 52.9 in September ‌from 49.7 in August, reaching the highest reading since just before the start of the Middle ​East conflict in February.

• The upturn came despite a revival in inflationary pressures across the ⁠sector.

• Employment rose for the second month running, in line with ​signs of growing capacity pressures and hopes of further growth in activity ahead.

• Reports from ​surveyed businesses pointed to improved ‌demand from clients, including signs of greater investment spending.

• "The rise in business activity ⁠in September reinforces the tentative signs of recovery we've been seeing in the services sector for a few ⁠months now," said Phil Smith, S&P Global Market Intelligence economics ​associate director.

• The final S&P Global Germany Composite PMI, which includes services and manufacturing, rose to 53.8 in September, up ‌from 51.8 in August, reaching its highest reading for almost a year.

• A ‌reading above 50 signals growth, while one below ⁠it indicates contraction. The ‌further it goes ​below 50, the faster the rate of contraction.

(Reporting by Maria Martinez; Editing by Toby ‌Chopra)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• US goes into midterm elections with a less dynamic form of full employment
• Australia's Firmus to allocate half of up to $5.5 billion IPO to existing investors, sources say
• Hundreds of French schools stay closed ahead of nationwide day of student protests