16.12.201907:51:00UTC+00Germany Private Sector Contracts In December

Germany's private sector contracted again in December with growth across the service sector continued to be offset by a downturn in manufacturing, survey results from IHS Markit showed Monday.

The composite output index held steady at 49.4 in December. The score was forecast to rise to 50.1. A reading below 50 indicates contraction.

Confidence towards the outlook improved but sustained weakness in new orders continued to curb firms' willingness to take on new staff.

On the price front, the survey showed average charges for goods and services rising at the slowest rate for over three years.

The services Purchasing Managers' Index improved to a four-month high of 52.0 from 51.7 a month ago. Nonetheless, the score was below the forecast of 52.3.

Meanwhile, the manufacturing PMI dropped to 43.4 in December from 44.1 in the previous month. The expected reading was 45.0.