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German private sector returns to contraction
May data pointed to a reduction in German private sector output for the first time in six months. At 49.6, down from 50.5 in April, the seasonally adjusted Markit Flash Germany Composite Output Index posted below the 50.0 no-change value for only the second time since July 2009. The latest reading signalled a marginal overall fall in business activity, with moderate service sector growth insufficient to fully offset an accelerated decline in manufacturing production. In conjunction with Manufacturers in Germany pointed to a drop in output for the second month running, and the rate of reduction was the steepest since ... (full story)
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