German business activity records the largest decline since May 2020 in August

Germany's composite manufacturing and services PMI fell to 44.7 in August from 48.5 in July, the lowest level since May 2020 and well below expectations of 48.3.

The services PMI fell for the first time in eight months to 47.3 points in August from 52.3 points in July, the lowest level in nine months, and the manufacturing PMI recorded 39.1 points in August from 38.8 points in July.

The composite PMI, which combines the industrial and service sectors in the eurozone, fell to 47.0 points in August from 48.6 points in July, the lowest level since November 2020.

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