FX.co ★ German Services Activity Slips Further as HCOB PMI Edges Down to 49.7 in August

Germany’s services sector lost a little more momentum in August, with the HCOB Germany Services Purchasing Managers’ Index (PMI) ticking down to 49.7, from 49.8 previously. The latest reading, released on 3 September 2026, keeps the index just below the 50-point threshold that separates expansion from contraction.

The marginal decline suggests the sector remains in mildly contractionary territory, underscoring ongoing fragility in Germany’s services activity. With both the previous and current readings for August 2026 clustered just under 50, the data point to a stagnating environment rather than a sharp downturn, indicating that demand and business activity have yet to regain sustained upward traction.