Germany’s services sector affected by COVID-19 lockdown: PMI
German service sector activity has contracted faster this month after restrictive measures were introduced to tame a second wave of COVID-19 infections, a survey showed on Monday.
IHS Markit’s flash services Purchasing Managers’ Index (PMI) fell to 46.2 from 49.5 in October, sliding further below the 50 mark that separates growth from contraction and marking a second straight month of decline. A Reuters poll had predicted a drop to 46.3.
The survey also showed that activity in the manufacturing sector continued to grow, albeit at a slightly slower pace, offering support to an economy otherwise forecast to post its deepest recession this year since World War Two.
Activity in the factory sector eased to a still-healthy 57.9 from 58.2 in October, beating a forecast for a drop to 56.5.