Contraction in German private sector activity in June deepened more than estimated earlier, detailed results of a survey by Markit Economics revealed Wednesday.
The composite output index, that measures the performance of both manufacturing and service sectors, fell to 48.1 in June from 49.3 in May. A PMI reading below 50 indicates contraction.
The latest reading indicated reduction in private sector output at the steepest pace in three years. The flash survey results showed a reading of 48.5.
The services business activity entered into negative territory with the indicator falling to 49.9 in June from 51.8 in May. The latest score was below the flash reading of 50.3 and ended an eight-month period of continuous service sector expansion.
by RTT Staff Writer
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