London
CNN
—
Germany suffered the steepest decline in business activity for more than three years this month, according to survey data published Wednesday, stoking fears that Europe’s biggest economy is falling back into recession.
An initial reading of the country’s Purchasing Managers’ Index (PMI), which tracks activity in the manufacturing and service sectors, tumbled to 44.7 in August, from 48.5 in July. That’s the lowest reading since May 2020, when the country began gradually lifting stringent pandemic restrictions. A reading below 50 indicates a contraction.
The survey highlighted a “deepening downturn in manufacturing,” with output falling for the fourth consecutive month. Activity in services fell for the first time in eight months.
“Any hope that…
