Allemagne - PMI Services

The IHS Markit Germany Services PMI increased to 52 in December 2019 from 51.7 in November and in line with market expectations. The reading pointed to the strongest expansion in the services sector in four months, as new orders rose for the first time since August. Meantime, the job creation rate slowed slightly while the outstanding business dropped at a softer pace. On the price front, input costs continued to rise, still the rate of increase was the joint-weakest since July 2017. Finally, sentiment recovered further from October’s near seven-year low to the highest since June.

The IHS Markit Germany Services PMI edged up to 51.7 in November 2019 from 51.6 in the previous month and compared with a preliminary reading of 51.3, final estimates showed. The reading pointed to the strongest expansion in services activities since August, as the rate of job creation picked up slightly and was solid by historical standards. On the other hand, new orders decreased for the third month running and outstanding business fell markedly and for the fourth month in a row. On the price front, operating costs rose sharply on the back of upward wage pressures; while output price inflation ticked up and was above the average. Finally, business confidence towards activity in the year ahead was back in positive territory after being negative for the first time in almost seven years in October.

The IHS Markit Germany Services PMI dropped to 51.3 in November 2019 from 51.6 in the previous month and missing market expectations of 52, preliminary estimates showed. The reading pointed to the slowest expansion in services activity since September 2016, as new orders continued to fall and job creation moderated to a 43-month low. On the price front, both input prices and output charges were high due to operating expenses, mainly linked to increasing wages.

The IHS Markit Germany Services PMI was revised higher to 51.6 in October 2019 from a preliminary estimate of 51.2 and compared to September’s three-year low of 51.4, final estimates showed. The reading pointed to a stronger expansion in services activities, still one of the weakest since the current upturn began in mid-2013. New orders fell for the second straight month amid an ongoing weakness in demand; and new export orders dropped further. Also, the job creation rate slowed to its weakest since May last year. On the price front, input cost inflation accelerated to a six-month high, above the long-run average, boosted by wages, fuel and energy prices and output cost inflation was little-changed from the solid rate seen in September. Lastly, for the first time in nearly seven years, the number of businesses expecting activity to fall over the next 12 months exceeded those predicting growth, on the back of growing concerns about the economy.

The IHS Markit Germany Services PMI fell to 51.2 in October 2019 from 51.4 in the previous month and well below market expectations of 52, preliminary estimates showed. The latest reading pointed to the weakest pace of expansion in the service sector since September 2016. New orders fell at the at the quickest rate since June 2013; new export orders declined the most on record; and job creation slowed to a three-and-a-half year low, also a record low. On the price front, output prices increased the least since July 2017 while input prices increased due to upward pressure from wages, energy and fuel prices. Looking ahead, the number of firms expecting activity to fall over the coming year exceeded those anticipating an increase for the first time in almost seven years.

The IHS Markit Germany Services PMI was revised lower to 51.4 in September 2019 from a preliminary estimate of 52.5 and compared to the previous month's final 54.8. The latest reading pointed to the weakest pace of expansion in the service sector since September 2016, as inflows of new business declined for the first time since December 2014, with new export business dropping the most in over five years. Outstanding business fell for the second month in a row, while employment continued to rise at a historically strong pace. On the price front, input cost inflation eased to the lowest since March 2018 and output charge inflation softened to the second-weakest seen in the past one-and-a-half years.