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German private sector output surge drops to 6-month minimum in July
In Germany, in July, private sector output expanded at the slowest tempo for six months, thus suppressing optimism over the euro zone's key economy, as Monday’s preliminary data revealed.
Market research group Markit informed that its Flash German Composite Output Index, gauging the combined output of both the manufacturing as well as service sectors went down from June’s outcome of 56.4 to 55.1 in July, thus missing predictions for 56.3.
The total rate of expansion turned to be the weakest since January, a tendency reflected in both services business activity and manufacturing output.
In Germany, this month the preliminary manufacturing purchasing managers’ index tumbled to a three-month minimum of 58.3 from June’s outcome of 59.6. Experts had expected it to go down to 59.2 in July.
In July, the flash services purchasing managers’ index went down to a six-month minimum of 53.5 from June’s reading of 54.0, ruining hopes for an outcome of 54.3.
Inflation data is the most important indicator that affects the central bank’s monetary policy.
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