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4 Mar 2015
German Services PMI rises to 5-month high in Febraury
FXStreet (Mumbai) - The seasonally adjusted final Markit Germany Services Business Activity Index rose from January’s 54.0 to a five-month high of 54.7 in February. However, the index missed the preliminary estimate of 55.5.
The rate of growth in new work in the service sector accelerated to the fastest since October and was above the long-run series trend. Consequently, employment in the sector rose for the sixteenth consecutive month and for 16 successive months, and the latest rate of job creation was the joint-strongest since December 2011. Meanwhile, the rate of inflation accelerating to a four month high, primarily due to higher staff costs.
As per Oliver Kolodseike, economist at Markit and the author of the report, “February’s survey results signalled a continuation of service sector activity growth in Germany, with the headline PMI reaching a five-month high. Moreover, companies reported a further rise in new business amid reports of increased investments and an improving economic environment. The survey measure for business outstanding meanwhile signalled that service providers were at fuller capacity, which encouraged them to further add to their payroll numbers.”
The rate of growth in new work in the service sector accelerated to the fastest since October and was above the long-run series trend. Consequently, employment in the sector rose for the sixteenth consecutive month and for 16 successive months, and the latest rate of job creation was the joint-strongest since December 2011. Meanwhile, the rate of inflation accelerating to a four month high, primarily due to higher staff costs.
As per Oliver Kolodseike, economist at Markit and the author of the report, “February’s survey results signalled a continuation of service sector activity growth in Germany, with the headline PMI reaching a five-month high. Moreover, companies reported a further rise in new business amid reports of increased investments and an improving economic environment. The survey measure for business outstanding meanwhile signalled that service providers were at fuller capacity, which encouraged them to further add to their payroll numbers.”