Germany's final services PMI falls to 54.5 in April
Markit Economics released final services purchasing managers' index (PMI) for Germany on Wednesday. Germany's final services purchasing managers' index (PMI) fell to 54.5 in April from 55.1 in March, down from the preliminary reading of 54.6.
The index was mainly driven by a slower growth in employment, while backlogs of work declined.
"It is slightly disappointing, although not surprising that activity growth at German service providers slowed during April, as last months' new business and employment indicators had already pointed to a potential slowdown. Nonetheless, Germany's service sector continued to grow at a steady pace at the start of the second quarter," an economist at Markit, Oliver Kolodseike, said.
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