The German purchasing managers’ index for manufacturing and services was at its lowest level in more than two years in July

The German Purchasing Managers’ Index (PMI) for the services sector was 49.2 in July, down from 52.4 in June.

The manufacturing PMI was 49.2 in July, down from 52.0 in June.

The composite PMI index, which includes manufacturing and services, fell to 48.0 in July from 51.3 in June, its lowest level in more than two years.

An index below 50 indicates a decline in German economic activity after companies were hit by inflation and supply chain disruptions.

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