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[German Services PMI Contracts For The First Time In Nine Months]A Survey Released On Wednesday Showed That Germany's Services Sector Contracted For The First Time In Nine Months In November Due To A Continued Decline In Demand. The Final Reading Of Germany's November Services PMI Dropped To 49.3 From 51.6 In October, Falling Below The Neutral 50 Mark. The German Economy Has Been Facing Challenges From Weak Demand, Increased Foreign Competition, And Political Uncertainty. Last Month, A Budget Dispute Led To The Collapse Of The Country's Three-Party Coalition Government. Early Elections Are Scheduled For February Next Year. "After Eight Months Of Growth, The Services PMI Has Slipped Into Contraction Territory. This Means That The Services Sector Can No Longer Offset The Decline In The Industrial Sector, And The Economy May Stagnate Or Even Contract In The Fourth Quarter." Said Cyrus De La Rubia, Chief Economist At Hamburg Commercial Bank.
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