German Private Sector Growth Moderates

(RTTNews) - Germany's private sector growth softened in November with slower increases in both services and manufacturing, flash purchasing managers' survey results from S&P Global showed on Friday.

The composite output index slid more-than-expected to 52.1 in November from a 29-month high of 53.9 a month ago. The result reflected slower rates of growth in both manufacturing and services.

The survey showed that factory production logged its weakest growth since July. Similarly, services activity growth slowed in November.

The services Purchasing Managers' Index logged 52.7 in November, down from 54.6 in the previous month. The expected score was 54.0.

The manufacturing PMI hit a six-month low of 48.4 in November compared to 49.6 a month ago. The score was forecast to rise to 49.8.

"These figures are a major setback for Germany," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

"Overall, the German economy is limping towards marginal growth at best in the fourth quarter," de la Rubia added.