Germany's private sector continued to shrink in July, marking the weakest performance since June 2009, Markit Economics said Tuesday.
The flash composite output index fell for the sixth month running in July, to 47.3 from 48.1 in June. The index has posted reading below 50 in each month since May.
The flash manufacturing Purchasing Managers' Index dropped unexpectedly to 43.3 from 45 a month ago. The reading was below the consensus 45.1.
Likewise, the services PMI fell to 49.7 from 49.9 in June. The reading was forecast to rise to 50.
"A solid overall drop in output during July represents the worst start to any quarter since Q2 2009," said Tim Moore, senior economist at Markit. "Moreover, an accelerated decline in new work means that the stage could well be set for a steeper drop in GDP than the 0.2% fall recorded at the end of 2011."
by RTT Staff Writer
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