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Services PMI meets expectations and reaches its highest level in 10 months

Germany’s PMI services index rose almost three points in May, jumping to 52.8 from April 49.9. This is the high score recorded by the indicator in ten months, specifically since July 2020. The result matches market expectations.

The composite PMI also improved in May, rising to 56.2 from 55.8 the previous month, as expected.

According IHS Markit, the services sector returned to growth in May after stagnating in April. The new business grew at the fastest rate for nearly two years in this period, while the pressures on costs continued to increase.

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