German Manufacturing activity hits 3-year low
Germany’s private sector slumped for a second consecutive month in June, a preliminary reading showed on Thursday, and manufacturing activity shrank to a three-year low. The latest data published by Markit suggests that Europe’s largest economy is likely to contract in the second quarter as the euro zone crisis starts to weigh.
PMI flash manufacturing slipped to 44.7 in June versus a forecast for 45.2 and down from May’s final reading of 45.2. PMI flash services also eased to 50.3 from 51.8 versus consensus for 51.5 while PMI flash composite slowed to 48.5 from 49.6.
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