German Services Sector Soars To Annual High

What’s going on here?

Activity in Germany’s services sector reached its strongest pace in a year in May 2024, according to a survey by Hamburg Commercial Bank (HCOB).

What does this mean?

The HCOB final services Purchasing Managers’ Index (PMI) rose to 54.2 in May from 53.2 in April, slightly besting a preliminary estimate. This marks the third consecutive month above the 50.0 growth threshold, indicating ongoing expansion. New business increased for the second month in a row, and firms’ optimism reached its highest level since February…