German Private Sector Records Solid Growth In January

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Markit Economics announced on Thursday that the Flash Germany Composite Output Index, which is a weighted average of the manufacturing and services PMIs, eased to 54.2 in January from 54.3 in December. A reading above 50 indicates expansion, while one below 50 suggests contraction. This marks a two-month low in the headline composite index.

The manufacturing purchasing managers' index (PMI) climbed to 53.4 from 52.7. Economists were looking for a reading of 52.9. The services PMI, on the other hand, dropped to 51.2 from 52.7, confounding expectations for a score of 53.

Growth in manufacturing output was offset by the slowdown in the services sector, Markit said. Meanwhile, employment levels at German private sector firms were slashed for the sixteenth straight month, with firms blaming cost burdens and restructuring measures.

Markit Economics announced on Thursday that the Flash Germany Composite Output Index, which is a weighted average of the manufacturing and services PMIs, eased to 54.2 in January from 54.3 in December. A reading above 50 indicates expansion, while one below 50 suggests contraction. This marks a two-month low in the headline composite index. (Market News Provided by RTTNews)