Germany: PMI Services falls to 48.4 in October

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FXstreet.com (Barcelona) - German PMI Services decreased to 48.4 points in October, from 49.7 points in September, according to data released today by Markit. The result is below market consensus of 49.3 points.

Tim Moore, senior economist at Markit and author of the report comments: "October's final German PMI data highlight a lack of momentum in either services or manufacturing at the start of Q4 2012, with both sectors posting slightly sharper output falls than one month previously. At its current level, the composite PMI figure raises the likelihood of an outright GDP contraction during the final quarter of the year. A back-to-back monthly reduction in private sector employment further suggests that the German economy is approaching the year end on a weaker footing, as lower workloads and worsening economic sentiment continue to bite."



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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