Services and manufacturing help Germany take step forward in recovery

Germany has shown growth for the first time in five months,  with the pick-up led by services and export sales 

German Chancellor Angela Merkel arrives for an EU summit at the European Council building in Brussels. Picture: John Thys, Pool Photo via AP

Germany took a step forward in its recovery from the coronavirus slump, with a key measure of activity showing growth for the first time in five months, while the French economy also had a better-than-expected restart.  

IHS Markit’s composite Purchasing Managers Index jumped to 55.5 in July from 47 in June. The figure was better than economists had predicted, and puts the gauge above the key 50 level that divides expansion from contraction.