Germany’s private sector activity expanded at the fastest pace in five months in July driven by a stronger increase in manufacturing output, flash data from IHS Markit showed Tuesday.
The composite output index climbed to 55.2 from 54.8 in June. The score was expected to remain at 54.8. The pace of expansion was the fastest since February.
The services Purchasing Managers’ Index dropped slightly to 54.4 from 54.5 a month ago. The services PMI was also forecast to remain stable in July, at 54.5.
On the other hand, the factory PMI rose unexpectedly to 57.3 from 55.9 in June. The reading was forecast to drop to 55.5.