FX.co ★ Germany Services Growth Slows Slightly in October

Germany’s S&P Global Services PMI for October 2026 was revised up to 52.5 from the preliminary estimate of 51.7, though it remained below September’s 52.9. The latest reading signaled a second consecutive month of expansion in the services sector, albeit at a slightly slower pace, as new business inflows declined again amid weaker domestic and external demand.

Service sector activity was partly sustained by the completion of outstanding orders. However, employment declined for the first time since July and posted its sharpest fall in six months.

On the price front, input cost inflation eased for the first time in four months, reflecting in part the reinstatement of fuel discounts, though overall cost pressures remained high by historical standards. Output price inflation also moderated.

Despite softer demand conditions and falling employment, business confidence improved to its strongest level since February, supported by expectations of an economic recovery.