Economic Buzz: German Private Sector Growth Picks Up Pace In June

German composite output index rose to 54.2 in June from 53.4 in May, preliminary survey results from IHS Markit showed Friday. Private sector growth picked up pace in June, driven by stronger rise in services business activity. Any reading above 50 indicates expansion in the sector. However, the growth rate was still the second-lowest over the past 21 months. The services Purchasing Managers Index climbed to a 3-month high of 53.9 in June from 52.1 in May. Meanwhile, manufacturing output growth slowed for the first time in six months to an eighteen-month low in June. The manufacturing PMI fell to 55.9 from 56.9 in May. The expected score was 56.3.