Is it leading indicator the measures the activity of purchasing managers in service sector. German PMI Services statement is created over 3000 business executive’s private services companies. Percentage above 50 indicate improvement while below indicate contraction.
In February 2020, German PMI Services decreased to 52.5 as compare to January 54.2 that’s was previous five months high. Sharp downturn in almost all sectors including PMI services is due to Brexit corona virus outbreak. Meanwhile business confidence weakened due to uncertainties in global economic conditions.
German PMI Services is strong indicator for Euro economic zone. Its date is released during first half of each month at 07:55 GMT by NTE Economics.
German PMI Services reading higher than expected taken as positive/bullish for Euro while negative taken as bearish trend.