Germany is 'firmly in contraction territory' after manufacturing sentiment fell to a crisis-era low

'The economy is limping towards the final quarter of the year, and, on its current trajectory, might not see any growth before the end of 2019.'

New data on Monday showed that Germany's composite PMI sank to its lowest level since October 2012. And sentiment among manufacturers fell to a 2009 low. The PMI is the yardstick used to measure business sentiment. The service sector also lost momentum — something that until now has been fairly resilient in the face of Germany's gloom, while manufacturing the backbone of Germany's economy fell sharply. The euro fell 0.4% against the dollar on the news.

New data on Monday showed that Germany's composite PMI sank to its lowest level since October 2012. And sentiment among manufacturers fell to a 2009 low. The PMI is the yardstick used to measure business sentiment. The service sector also lost momentum — something that until now has been fairly resilient in the face of Germany's gloom, while manufacturing the backbone of Germany's economy fell sharply. The euro fell 0.4% against the dollar on the news.

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