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InstaForex - Official partner of Dragon Racing

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InstaForex - Official partner of Dragon Racing

2019.11.2207:56:00UTC+00Germany Private Sector Contracts At Slower Pace In November

Germany's private sector continues to shrink in November but the pace of fall moderated from October, flash survey results from IHS Markit showed Friday.

The composite output index rose to 49.2 in November from 48.9 in the previous month. A score below 50 indicates contraction and the reading was slightly below forecast of 49.3.

Manufacturing remained the main area of weakness in November. The factory Purchasing Managers' Index rose to a five-month high of 43.8 from 42.1 in October.

Meanwhile, growth of services business activity remained subdued. Services output grew at the weakest pace since September 2016.

The services PMI fell to a 38-month low of 51.3 from 51.6 in the previous month. The expected score was 52.0.

Beneath the subdued headline numbers the data show another slight convergence between the more domestically-focussed service sector and export-led manufacturing, Phil Smith, principal economist at IHS Markit said.

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