German manufacturing and services sectors both see growth in September
Analysts had been expecting an improvement in German data across both the manufacturing and service sectors, and we didn't get it.
The service sector purchasing managers' index rose from 52.8 to 54.4, economists had estimated a jump to 53.1.
But in manufacturing, we've seen a purchasing managers' index number of 51.3, from 51.8. That's against forecasts of an increase to 52.2.
Tim Moore, eenioreconomist at Markit, said:
Germany’s economy remained firmly in recovery mode during September, and its strengthening performance should continue to reverberate across the euro area. Positive signs from the German economy are a crucial factor underpinning global business confidence at present, especially while some momentum has been lost across emerging markets.