Germany Slips Deeper into Recession as Business Activity Contracts for 4th Straight Month
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Business activity in Germany contracted for the 4th straight month in October, suggesting a recession is underway. The flash German Composite PMI fell to 45.8.
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Services sector returned to contraction after slight growth in September. The services PMI fell to 48.0 from 50.3.
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Manufacturing PMI rose slightly to 40.7 but remains in deep contraction.
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Rising costs and slowing new business dragged services sector below 50 mark.
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Some positive signs like rising new orders and output in manufacturing point to potential bottoming out.
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