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German service sector activity contracts for first time in eight months in August as inflationary pressures remain stubbornly high
Germany's service sector slipped back into contraction in August after having grown throughout the first seven months of the year, the latest HCOB PMI® survey compiled by S&P Global showed. Businesses reported a sustained weakening of demand amid a backdrop of economic uncertainty and strong inflationary pressures. Rates of increase in both service sector input costs and output prices remained well above their long-run averages, with the former even accelerating slightly from the month before. Business expectations in the service sector meanwhile picked up slightly after hitting an eight-month low in July. ... (full story)