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Final PMI: German Private Sector Slump Extends in May

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Germany's private sector remained in contraction territory for the second straight month in May, as service sector business activity fell once again amid persistent demand weakness and increased cost pressures.

The final S&P Global Germany Composite PMI Output Index ticked up to 48.8 in May from 48.4 earlier, S&P Global said Wednesday. The final reading was above the flash estimate of 48.6 but remained below the 50-point neutral mark.

For the service sector, the final PMI clocked in at 48.1, compared with the initial estimate of 47.8 and the previous month's 46.9.

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