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Germany's service sector activity increased for the fifth consecutive month in December, the Markit Economics said on Wednesday.
The seasonally adjusted services Purchasing Managers Index or PMI increased to 52.7 in December from 51.4 in November. Economists expected a reading of 53.7. A reading above 50 indicates expansion in the sector and below 50 suggests contraction.
The composite output index stood at 54.3 in December, up from 53.6 in November. The PMI reading in December was lower than the 54.9 reported initially. This was the highest reading since May 2008.
Tim Moore, economist at Markit said, "Overall output levels increased at the fastest pace in nineteen months in December and job shedding eased in both the manufacturing and service sectors."
"This suggests that underlying business conditions continued to improve in December, leaving companies in Germany much more confident about the prospects for the new year than they were at the end of 2008." he added.
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