Germany’s Manufacturing Activity Miss Target for June

Berlin, June 23 (QNA) – Manufacturing activity in Germany grew by less than expected in June, in the first signal that the European Central Bank may need eventually to act more decisively in the future to spark growth in the Eurozone.

Germany’s manufacturing purchasing managers’ index (PMI) rose to 52.4, below the 52.5 expected for the month. PMI was recorded at 52.3 for May. As for the services’ PMI, it declined to 54.8 for June which is a three-month low. May saw a very strong reading of 56. Analysts had expected the index to move slightly down to 55.7 for June.

A higher than 50 reading means that the sector was expanding for the given month. However growing by less expanding usually indicates that the growth is not at the desired level yet. (QNA)

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