Germany: Flash PMI continues to deteriorate in December on weakening service sector
December 16, 2014
Markit’s composite Purchasing Managers’ Index (PMI) in December fell to the lowest level since June 2013, inching down from a revised 51.7 in November (previously reported: 52.1) to 51.4 in December. Despite the drop, the composite PMI—the result of a survey of over 1,000 manufacturing and services businesses based in Germany—is above the 50-threshold where it has remained since April 2013.
According to Markit, December’s reading reflected that a deterioration in the services sector, which dropped to the lowest level in 17 months, more than offset a slight improvement in the manufacturing segment. According to Markit, companies stated that, “lower order intakes and recent airline and rail strikes,” were behind December’s decline.