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Services hit by fourth Covid wave

GERMAN DATA
  • Composite falling back to the psychological 50.0 level and services falling below (but manufacturing marginally better than expected. Fourth wave of Covid-19 hurting services. Highlights from press release:
  • "Services activity came under renewed pressure in December from the fourth wave of coronavirus and associated restrictions, falling for the first time in eight months and to the greatest extent since February. Manufacturing production, on the other hand, showed the strongest growth for three months."
  • "December’s flash survey data indicated sustained strong inflationary pressures. That said, the rates of increase in overall input costs and output prices retreated slightly from the all-time highs seen in November, owning to slower rises across both monitored sectors"
  • "Business expectations towards the year-ahead outlook for activity improved for the first time in six months in December. Having hit a 13-month low in November, overall business confidence rebounded to the highest since August. The uptick was predominantly driven by greater positivity among services firms, who cited hopes that the pandemic would fade over the course of next year. Manufacturing optimism also improved – albeit only slightly – to its highest for four months."
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