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(CEP News) Frankfurt - The German purchasing managers index for services was revised down to a record level of 45.1 in November, down from both October's 48.3 figure and the 46.2 estimate published initially, Markit Economics said in a report Wednesday.
According to the research firm, all of the components of the PMI fell to notable levels in the month. New business declined to 43.4, its worst figure since June 2003, while work backlogs fell to a four-year low of 44.4 for the month. Employment slipped to 49.8 in November from October's 49.1, signalling new layoffs in the service sector for the second consecutive month. Meanwhile, business expectations fell to record levels for the month, sliding to 31.4 in November, down 3.1 points from October's level. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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