German Private Sector Slows in July

Germany’s private sector grew at a slower pace in July, a survey showed on Monday, linking the weaker activity to factory closures in the summer months following a sustained period of strong growth.

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, fell for the second consecutive month to a six-month low of 55.1.

The reading undershot the consensus forecast in a Reuters poll of economists but remained well above the 50 mark that separates growth from contraction.

Reuters

DAX Drops as German Manufacturing PMI Slows

The Song Remains The Same

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.