Germany's PMI shows easing contraction, services lead

The HCOB Germany Composite PMI was slightly revised to 48.6 in October 2024 from a preliminary 48.4, compared to 47.5 in September.

Germany's PMI shows easing contraction, services lead

This still indicated a fourth consecutive month of contraction in the private sector, though the decline slowed. The manufacturing sector's contraction eased (43 vs. 40.6). In contrast, the services sector grew faster (51.6 vs. 50.6). New work inflows and export business continued to fall across both sectors. Still, the decline rate slowed from the previous month.

Germany sees largest job decline since July 2020, services sector optimistic

Employment dropped the most since July 2020, with significant cuts in factory and service sector workforces. On the pricing front, input costs rose slightly faster while output charge inflation slowed. Business expectations turned positive, driven by renewed optimism in the services sector.