German service sector grows at record pace after lockdown lifted

Activity in Germany’s service sector grew in July at the fastest pace on record, a survey indicated on Wednesday, as businesses enjoyed the benefit of the economy reopening after COVID-19 restrictions were lifted.

IHS Markit’s final services Purchasing Managers’ Index (PMI)measuring activity in the sector rose to 61.8 in July from 57.5 in June. The July reading was the strongest since the survey began more than 24 years ago.

The composite PMI index, which comprises both the service and manufacturing sectors, rose to 62.4 in July from 60.1 in June, surpassing a previous record set in June 2006.