The indicator S&P Global Services PMI for Germany rose 1.4 points in November to 49.6 compared to 48.2 in October, its highest level in two months. The figure improves market expectations, which expected a slight increase to 48.7, but even so the sector remains in contraction territory for the second consecutive month.
He Composite PMI has grown almost two points, jumping from 45.9 in October to 47.8 in November, its best rating in four months. The data exceeds the forecasts of experts, who expected an increase to 47.1.
Germany’s services sector saw a marginal decline in business activity in November, with the pace of contraction slowing from the previous month in line with a slower decline in new business, according to the latest survey compiled by S&P Global. Once again, employment showed little change, although this time it increased slightly after several consecutive marginal declines. Service providers generally expected little growth in activity over the next 12 months.
EUR/USD reaction
The EUR/USD has barely reacted with a rise of 10 pips. At the time of writing, the pair is trading above 1.0833, virtually flat on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
