The German economy's contraction
phase worsened in September, weighed down most of all by
difficulties in the manufacturing sector, which is dealing with
the auto sector crisis. The composite PMI Hcob index fell to a
seven-month low of 47.2 from 48.4 in August, the service
activity index fell from 51.2 to 50.6, the lowest in six months,
and the manufacturing index fell to its lowest in a year,
dropping from 42.4 in August to 40.3. Hcob, which compiles PMI
indices for S&PGlobal, says Germany is "in a technical
recession."
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