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German Private Sector Contraction Speeds Up in June, Flash Data Shows

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German private sector businesses saw a faster decline in activity in June, led by the service sector, as underlying demand remained weak, flash data from S&P Global showed Tuesday.

The Flash Germany Composite PMI Output Index slumped to an 18-month low of 48 in June, from the May reading of 48.8 and consensus estimate of 49.9, signaling the third consecutive month of contraction.

For the manufacturing sector, the PMI was at a five-month low of 50, against the prior reading of 50.1 and the forecast of 50.3 from Investing.com. On the services side, the PMI hit a 43-month low of 46.8, compared with the previous 48.1 and consensus estimate of 49.

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