FX.co ★ Germany’s Services Momentum Eases as HCOB PMI Slips in October

Germany’s services sector lost a little steam in October 2026, with the HCOB Germany Services Purchasing Managers’ Index (PMI) easing to 51.7, down from 52.9 in September 2026.

Despite the decline, the October reading remains above the 50-point threshold that separates expansion from contraction, indicating that activity in the services economy is still growing, though at a slower pace than in the previous month. The moderation suggests that while demand in Germany’s service industries remains resilient, the pace of recovery may be cooling.

The latest figures, updated on 23 October 2026, will be closely watched by investors and policymakers as they assess the durability of Germany’s services-led growth amid an uncertain macroeconomic backdrop.