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Investing.com -- Germany’s services sector experienced its most significant contraction in activity in two and a half years this past May, according to a recent survey.
The decline is attributed to weakened demand and increased uncertainty.
The final HCOB Purchasing Managers’ Index (PMI) for the services sector dropped to 47.1 in May.
This is a decrease from April’s figure of 49.0, and it represents the lowest level since November 2022.
The PMI is a key indicator of the economic health of the manufacturing sector, and a score below 50 typically indicates a contraction.
This contraction in the services sector, one of the main drivers of Germany’s economy, reflects the challenges faced by businesses in the current economic climate.
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