Business News Asia
Germany’s purchasing managers’ index (PMI) for the services sector was 56.3 in May, down from 57.6 in March, according to S&P Global.
The index above 50 indicates that German economic activity is continuing to expand. This was driven by a continued recovery in the services sector, resulting in German economic activity expanding further in May. Despite signs pointing to an increase in product prices, volatility in the market as well as supply problems began to put pressure on demand.
The manufacturing PMI was 54.7 in May, up slightly from 54.6 in April.
The German PMI for manufacturing and primary services was 54.6 in May, up from 54.3 in April.
The PMI for the eurozone’s manufacturing and primary services sector fell to 54.9 in May, its lowest level in two months (April: 55.8).
The PMI was also below analysts’ forecasts of 55.3, pressured by inflation that has reduced consumers’ purchasing power. This also includes the shortage of raw materials, which affects the manufacturing sector.
However, the PMI remained above the 50 mark, indicating that the eurozone corporate sector continues to expand.
The manufacturing PMI fell to 54.4 in May, an 18-month low from 55.5 in April, but remains above 50, suggesting that manufacturing in the eurozone continues to grow.
The services PMI fell to 56.3 in May, a two-month low from 57.7 in April.