High inflation and economic uncertainty extended a downturn in the German services sector in December, though a slower pace of decline in activity adds to hopes of a milder-than-expected recession, a survey showed. | Reuters
BERLIN – High inflation and economic uncertainty extended a downturn in the German services sector in December, though a slower pace of decline in activity adds to hopes of a milder-than-expected recession, a survey showed on Wednesday.
S&P Global’s final services Purchasing Managers’ Index rose to 49.2 from 46.1 in November. That marks the highest reading since July, when the current downturn began, and was slightly above a flash estimate of 49.0.Slower input cost and output charge inflation were a further sign that underlying price pressures have passed their peak, said Phil Smith, economic associate director at S&P Global, though they were still among the highest levels on record.
“Encouragingly, however, the downturn has lost momentum, which together with a slower decline in manufacturing production at the end of the year adds to the hopes that any recession will be milder than initially feared,” said Smith.
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