FX.co ★ Germany Private Sector Activity Confirmed at 53.8

The S&P Global Germany Composite PMI rose to 53.8 in September 2026 from 51.8 in August, in line with preliminary estimates and indicating the strongest expansion in nearly a year. Growth was broad-based and led by the manufacturing sector, which also underpinned gains in new business and export orders. At the same time, the services economy returned to expansion, with the Business Activity Index climbing to 52.9 from 49.7 in August, its highest level since just before the outbreak of the Middle East conflict in February. Business expectations improved as well, buoyed by stronger sentiment among goods producers. Employment increased for a second month in a row, though only modestly, as continued hiring in services was partially offset by a slower pace of job cuts in manufacturing. Meanwhile, price pressures intensified, with both input costs and output charges rising at their fastest pace in four months.