Final German services PMI for August falls as inflation impacts confidence

S&P Global’s survey showed that Germany’s services sector contracted for the second month in a row in August as domestic demand came under pressure from rising inflation and stagnating confidence.

The German Purchasing Managers’ Index (PMI) for the service sector fell to 47.7 in August from 49.7 in July.

The PMI, which includes manufacturing and services, declined to 46.9 in August from 48.1 in July.

The PMI is below 50, indicating a contraction in the German business sector.

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