Economics
German Services Output Expands at Fastest Pace in Three Years
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German services activity expanded at the fastest pace in three years and manufacturing accelerated, signaling that the economy is recovering from a slowdown in the second quarter.
A Purchasing Managers Index for services jumped to 56.6 in July from 54.6 in June, London-based Markit Economics said today. Economists surveyed by Bloomberg News predicted a drop to 54.5. A factory gauge rose to 52.9 from 52. A reading above 50 indicates expansion.