German Service Sector Growth Accelerates In January

(RTTNews) - Germany's service sector activity growth accelerated at the beginning of 2015 amid rising new business, survey data from Markit Economics showed Wednesday.

The final services Purchasing Managers' Index climbed to 54 from 52.1 in December. The flash score was 52.7.

The survey participants partly attributed the latest increase in activity to higher order intakes, new customers and increased marketing efforts. Service sector output increased for 20 straight months.

Service sector employment rose further, extending the current period of growth to 15 months. Companies reported another decrease in work outstanding.

Input costs in the service sector continued to rise, with the rate of inflation unchanged from December's marginal pace. Service providers reduced their charges in January, following a slight rise in December.

The composite PMI, which measures the combined output of the manufacturing and service sectors, rose to 53.5 from 52 a month ago. The flash score was 52.6.