Allemagne PMI Services

The HCOB Germany Services PMI rose to 51.6 in October 2024 from September’s 50.6 and above preliminary estimates of 51.4. This modest expansion marked the first uptick in five months, though underlying demand stayed weak. New orders declined for the second straight month. Reduced international demand, especially within Europe, also affected new business. Employment in the sector fell for the fourth consecutive month as firms reduced capacity due to lower workload pressure, marking the longest job-cutting streak since early 2020. Operating expenses rose, mainly driven by wage increases, although the overall rate of cost inflation remained subdued compared to recent years. Service providers raised prices at a slower pace, showing the second-lowest inflation rate since April 2021. Business outlook improved slightly from September’s low, though future growth expectations stayed modest by historical standards.