German service sector performance pulled back last month because of mounting expenses and sagging business mood, with the private sector at the trough of almost four years, demonstrated a fresh survey.
Composite PMI from IHS Markit, monitoring the manufacturing and service industries with near 70% share in the overall economy, dipped in November to 52.3 from 53.4 the month before.
Phil Smith of IHS Markit said the October-December period is predicted to produce some hike following third quarter’s recession, though the new PMI data suggests a robust recovery can hardly happen.