The German economy contracted in September, latest flash PMI data showed, as the downturn in manufacturing deepened and service sector growth lost momentum. Factory activity in Germany shrank at the fastest pace in a decade, with the country’s manufacturing PMI plunging to 41.4. IHS Markit, the report’s compiler, said that the euro-area’s largest economy may struggle to record any growth at all this year.
Canadian wholesale sales rose for a second consecutive month in July, up 1.7% to $65.4 billion. While four of the seven subsectors reported increases, personal and household goods subsectors and the motor vehicle and motor vehicle parts and accessories subsector contributed by far the most to the improvement.
The flash euro zone services PMI fell to an 8-month low of 52 from 53.5 in August; the euro zone economy is close to stalling as a deepening manufacturing downturn shows further signs of spreading to the services sector. New orders for goods and services fell for the first time since January, dropping at the sharpest rate since June 2013.