German services activity growth eases slightly in October
- Services activity eased in September, but new orders and employment remain strong
- Composite PMI for Germany dropped from 77-months high in September
French services PMI rose to 54.7 in October up from 55.6 in September as new orders and employment push the PMI higher.
Inflows of new work rose at the fastest pace for 20 months in October, signaling a backdrop of robust demand, and job creation also picked up to show the strongest increase in tertiary sector employment since May.
Final Composite PMI for Germany decelerated to 56.6, down from September’s 77-month high of 57.7.
“Service sector growth slowed a little more than the flash estimate suggested at the start of the fourth quarter; however there were still a lot of positives to be taken from the latest survey, including faster rises in both new orders and employment.,” Phil Smith, director at PMI wrote in the report on Monday.