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- Germany's preliminary manufacturing PMI rises in August, while services PMI declines
Germany's preliminary manufacturing PMI rises in August, while services PMI declines
Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for Germany on Friday. Germany's preliminary manufacturing PMI climbed to 53.2 in August from 51.8 in July, exceeding forecasts of a decline to 51.7.
Germany's preliminary services PMI was down to 53.6 in August from 53.8 in July. Analysts had expected index to climb to 53.9.
Markit's economist Oliver Kolodseike noted that the German economy was driven by higher output and new orders.
"Based on PMI data available for the third quarter so far, we should expect German GDP to increase at a similar rate to the 0.4% seen in the three months to June," he noted.
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