German services sector recovery loses momentum at the start of the third quarter
August 5, 2024
According to the latest HCOB PMI® survey, business activity growth in the German services sector declined for the second consecutive month in July.
The loss of momentum contributed to the first decline in employment in the sector this year.
Nevertheless, business expectations improved slightly, although only partially reversing the significant decline of the previous month.
In terms of inflation, average prices charged by service firms registered the slowest rate of increase since April 2021, although it was still up when measured by pre-pandemic standards.