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.
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