Germany PMI services was revised up to 54.4 in June, from initial estimate of 53.9. It’s also notably better than May’s reading at 52.1 and hit a 4-month high.
Commenting on the final PMI® survey data, Phil Smith, Principal Economist at IHS Markit said:
“The service sector showed renewed vigour at the end of the second quarter, with the final PMI data indicating an even stronger rebound in business activity growth than was signalled by the earlier ‘flash’ estimate.
“June’s increase in activity in the largely domestically-focussed service sector was the steepest seen since February and strong enough to offset a further loss of momentum across manufacturing, where slowing global trade has weighed on growth.
“There was more good news for the German labour market in June as the rate of service sector employment growth picked up to the fastest since January. An expanding workforce base represents another factor supporting household spending, alongside upward wage pressures and still-elevated consumer confidence.”
