German Private Sector Downturn Deepens

(RTTNews) - Germany's private sector posted another sharp contraction in February, flash data compiled by S&P Global showed on Thursday.

The composite output index dropped to a four-month low of 46.1 in February from 47.0 in January. The expected reading was 47.5. At 48.2, the services Purchasing Managers' Index climbed from 47.7 in January. The score was also above forecast of 48.0.

The manufacturing PMI slid to a four-month high of 42.3 from 45.5 a month ago. The reading was seen at 46.1.

"The German economy remains under pressure," said Tariq Kamal Chaudhry, an economist at Hamburg Commercial Bank.

"It's not just a monthly dip, but it marks the eighth consecutive month of contraction," the economist added.