Adjusted for seasonal factors, the Markit Flash Germany Composite Output Index dropped from 49.3 in May to 48.5 in June, its lowest level for three years. The latest reading was below the 50.0 no-change value for the second month running, but pointed to only a moderate overall decline in German private sector output. Reduced business activity reflected a marked fall in manufacturing production in June. Meanwhile, service sector activity was close to stagnation during the latest survey period, which represented the weakest outturn since November 2011. In conjunction with June data highlighted a further decrease in new ... (full story)