German economy exceeds expectations in May

The data showed that the composite Purchasing Managers' Index, which combines the industrial and service sectors, which together account for more than two-thirds of the German economy, rose to 54.6 points in May from 54.3 points in April. Analysts had expected that the composite PMI in Europe's largest economy would record 54.0 points in May, and the data showed that uncertainty, strong price pressures, supply disruptions and shutdowns related to Covid 19 in China affected demand for goods.

The manufacturing purchasing managers' index rose to 54.7 points in May from 54.6 points in April, while the services purchasing managers' index fell to 56.3 points in May from 57.6 points in April.