Germany’s private sector grew at a slower pace in July, a survey showed on Monday, linking the weaker activity to factory closures in the summer months following a sustained period of strong growth.
Markit’s flash composite Purchasing Managers’ Index (PMI), which tracks the manufacturing and services sectors that account for more than two-thirds of the economy, fell for the second consecutive month to a six-month low of 55.1.
The reading undershot the consensus forecast in a Reuters poll of economists but remained well above the 50 mark that separates growth from contraction.
DAX Drops as German Manufacturing PMI Slows
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Craig Erlam
His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.
Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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