Bloomberg News

Germany June Services PMI Rises More Than Economists Forecast

June 20, 2013

Germany’s services industry expanded at the fastest pace in four months in June, while the nation’s manufacturing industry continued to contract.

An index of the services industry based on a survey of purchasing managers rose to 51.3 this month from 49.7 in May, London-based Markit Economics said today. That is the highest reading since February and exceeded the median estimate of 50.0 in a Bloomberg News survey of 29 economists. A reading above 50 indicates expansion.

A gauge of German manufacturing fell to 48.7 in June from 49.4 in the prior month, Markit said in the same report. Economists had projected a reading of 49.9 for that index.

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