Germany July final services PMI 61.8 vs 62.2 prelim
Latest data released by Markit/BME - 4 August 2021
- Composite PMI 62.4 vs 62.5 prelim
The preliminary report can be found here. Mildly softer revisions but it does little to take away from the record pace of expansion seen in July for the German economy.
The jump in services sector growth is the strongest on record with positive developments seen in new orders and employments once again last month.
Markit notes that:
"The recent surge in activity in the German service sector continued in July, with growth hitting the highest in more than 24 years of data collection as companies feel the benefit of the reopening of the economy following the lifting of COVID-19 restrictions. The ramping up of activity is also proving to be good news for workers, with companies taking on extra staff at an unprecedented rate.
"Inflationary pressures remain elevated, however, and companies will take little solace from the fact that costs rose at a slightly weaker pace than in June. With the sector running hot and severe pressure on capacity signalled, rising costs look set to remain a feature in the near-term at least."