German Factories Push Private Sector Into Surprise Slump
- German composite PMI at 48.7; economist estimate 50.6
- French activity gauge comes close to signaling stagnation
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Germany’s private sector unexpectedly contracted in July as country’s manufacturing malaise worsened — undermining hopes that growth will pick up in the second half of the year.
S&P Global’s Purchasing Manager Index fell to 48.7 from 50.4 in the previous month, back below the 50 threshold signaling growth. That was worse than any of the estimates in a Bloomberg survey.