German service activity bounced back in October, helping the private sector expand at its second-fastest monthly rate this year, a survey showed on Friday, suggesting Europe’s largest economy is set for solid growth in the fourth quarter.
Markit’s final composite Purchasing Managers’ Index (PMI), tracking activity in the manufacturing and services sectors that together account for more than two-thirds of the economy, jumped to 55.1 from 52.8 in September.
The reading, in line with a preliminary estimate, was comfortably above the 50 line that separates growth from contraction and marked a three-month high after July’s 55.3, which was the best reading this year.
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