German Economic Downturn Deepens in September, Outlook Grim: Flash PMI

BERLIN—The downturn in German business activity deepened in September, a preliminary survey showed on Friday, as higher energy costs hit Europe’s largest economy and companies saw a drop in new business.
S&P Global’s flash composite Purchasing Managers’ Index (PMI), which tracks both the manufacturing and services sectors which together account for more than two-thirds of Germany’s economy, fell to 45.9 in September from August’s final reading of 46.9.
A Reuters poll of analysts had pointed to a reading of 46.0.
September marks the third month in a row that the reading fell below the 50 mark that separates growth from contraction, as well as the lowest figure, if confirmed in a final reading, since May 2020….

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