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German private sector growth hits strongest level in nearly six years

Saturday, Mar 25 2017
German private sector growth hits strongest level in nearly six years

German private sector output growth unexpectedly rose in March, registering its strongest activity in nearly six years and underlining optimism over the health of the euro zone’s largest economy, according to data released on Tuesday. The preliminary reading of the Markit manufacturing purchasing managers’ index rose to 58.3 this month from 56.8 in February. Economists had expected the index to tick down to 56.5.

The services PMI rose to 55.6 in March, compared to expectations for 54.6 and up from 54.4 a month earlier. The composite output index, which measures the combined output of both the manufacturing and service sectors advanced to 57.0 from 56.1, compared to expectations for 56.0. That was its highest level since May 2011.

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