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German PMI points to solid economic growth

Wednesday, Nov 23 2016
German PMI points to solid economic growth

Germany's private sector grew steadily in November, helped by stronger-than-expected activity at services companies, a survey showed on Wednesday, pointing to a solid performance in Europe's biggest economy in the final quarter of the year. Markit's flash composite Purchasing Managers' Index (PMI), which tracks the manufacturing and services sectors that account for more than two-thirds of the economy, edged down to 54.9 from October's 10-month high of 55.1. This was a tick lower than the consensus forecast in a Reuters poll of 55.0 but still comfortably above the 50 mark that separates growth from contraction.

The data suggested that the economy will expand 0.5 percent in the final three months of 2016, lifting overall growth in the euro zone and more than doubling from the relatively weak 0.2 percent expansion in the third quarter, IHS Markit economist Rob Dobson said. The survey indexes showed business activity in the service sector accelerated more strongly than expected in November, hitting a six-month high of 55.0, while growth in manufacturing slowed to 54.4 from a 33-month high of 55.0 in October.

 

Euro is currently being traded around 1.0630 level. Pair is likely to find support around 1.0570 area and resistance above 1.0660 handle.

More in this category: « French Manufacturing PMI in line with market forecasts Durable Goods Orders surged 4.8% »

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