Business activity in Germany expanded slightly in August, and the recovery in the manufacturing industry offset the impact of the accelerated decline in service activity. The S&P Global German Composite PMI Index for August fell to 51.0 from 51.3 in July. Economists had previously predicted the index to be 51.3, the same as last month. The manufacturing PMI rose from 52.2 last month to 54.1, a 51-month high. Service sector activity weakened further, and the service sector PMI fell from 49.8 to 48.5, a three-month low. It was also the fifth consecutive month of decline, and the fastest decline since May. Phil Smith, VP of Economics at S&P Global Market Intelligence, said, “The manufacturing recovery momentum has regained momentum after showing signs of stagnation in the second quarter. Although the service sector continues to drag down economic growth, new businesses have rebounded slightly for the second month in a row, and the number of people employed in the sector has risen again, indicating that the situation in terms of economic activity may soon improve.”

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