German services sector activity rose in January - PMI
Reuters
Published Feb 03, 2023 03:57AM ET
BERLIN (Reuters) - German services sector activity rose in January for the first time in seven months and companies showed increased optimism, a survey showed on Friday.
S&P Global (NYSE:SPGI)'s final services Purchasing Managers' Index (PMI) rose to 50.7 from 49.2 in December, going above the 50.0 threshold that separates growth from contraction.
"A slight rise in services activity in January indicates that the German economy has started the year on a more stable footing and reduces the chances of a technical recession," said Phil Smith, economic associate director at S&P Global, though demand remains under pressure from high prices and tightening financial conditions.
Inflows of new business fell in January, extending the decline that began in June last year, although the rate of contraction slowed notably since December, the survey showed.
Regarding employment, January saw a slight acceleration in the rate of job creation across Germany's service sector to the quickest since last July. According to Smith, this underscores the continued resilience of the German labour market.
The German composite PMI index, which comprises both the services and manufacturing sectors, rose to 49.9 in January from 49.0 in December, only a touch below the neutral level of 50.0.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.