Survey shows Germany's services sector recorded only a slight contraction in
July as demand recovered and new business rose for the first time in five
months. The final S&P Global services PMI increased to 49.8 in July from 48.6 in
June, slightly above the preliminary 49.6. Phil Smith, associate director for
economics at S&P Global Market Intelligence, said services activity has
stabilized and employment trends mirrored that. Germany's composite PMI jumped
to 51.3 from 49.5, returning to expansion for the first time since March, driven
mainly by a sharp rebound in manufacturing output.
