22 September 2011 13:50 [Source: ICIS news]
Research firm Markit said preliminary data on its monthly purchasing manager index (PMI) for
September's slowdown was driven by the service sector, which recorded only a fractional rise in business activity and the weakest rate of growth since the upturn began in August 2009.
Manufacturers, however, “signalled a modest pace of production growth” that was broadly unchanged from the 25-month low posted in August, the group said.
“[Germany's] output growth in the third quarter was the slowest since the upturn began over two years ago,” said Tim Moore, senior economist at Markit.
“The outlook for the final quarter is also looking increasingly bleak, not least because the recent trend in new orders has been even weaker than that for output, especially in the manufacturing sector,”
Markit’s PMI is based on responses from 1,000 companies in Germany's manufacturing and service sectors.
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