German Services Bounce Back in October

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.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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