23.05.201903:54:00UTC+00Germany's Private Sector Expands At Moderate Pace

Germany's private sector expanded at a moderate pace in May, survey data from IHS Markit showed Thursday.

The composite output index rose unexpectedly to a 3-month high 52.4 in May from 52.2 in April. Economists had forecast a reading of 52.0 for May.

A reading above 50 indicates expansion in the sector.

Data showed that other indicators weakened, however, with new orders falling for the fourth time in five months and employment growth easing to its lowest in just over three years in April.

On the price front, latest data showed a slowdown in the rates of both input cost and output charge inflation.

The manufacturing PMI fell unexpectedly to 44.3 from 44.4 in April. The expected score was 44.8.

At the same time, the services PMI dropped to a 4-month low of 55.0 from 55.7 in the previous month. The reading was forecast to fall moderately to 55.4.