German business activity suffered the steepest decline for more than three years in August, according to latest HCOB ‘flash’ PMI® survey compiled by S&P Global, as a deepening downturn in manufacturing output was accompanied by a renewed contraction in services activity. Businesses remained pessimistic towards the outlook as rising interest rates, customer uncertainty and high inflation continued to weigh on demand for goods and services. Notably, the survey showed an increase in inflationary pressures, driven by accelerated cost and price increases in the service sector. The headline HCOB Flash Germany Composite PMI ... (full story)