Economic Buzz: Germany's service activity slows slightly in October

The German service sector recorded a slight drop in activity in October, according to a report by S&P Global on Wednesday. The services Purchasing Managers' Index (PMI) fell by 0.4 points from September to 52.5, but was higher than the preliminary figure of 51.7. New business decreased somewhat, with companies relying more on work backlog, while workforce numbers declined for the first time since July. Input price inflation remained elevated, pushed up by the energy crisis, interest rates and rising wages, although businesses signaled that fuel discounts helped ease the burden.

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