The S&P Global Germany Services PMI rose to a seven-month high of 52.9 in September 2026, up from 49.7 in August and in line with the preliminary estimate. The upturn was driven by stronger demand, as new business increased for a third consecutive month and at its fastest rate since November 2025. Companies reported higher investment spending and firmer client demand, while new business from abroad grew for a second month, though the pace of expansion eased compared with August.
Employment rose for the second month in a row. Capacity pressures became more apparent, with backlogs of work accumulating at the quickest pace since June 2022, even if the overall build-up remained modest. The recovery was accompanied by renewed inflationary pressures: input costs increased at a rate only slightly below the recent peak recorded in April, and these higher costs contributed to a faster rise in prices charged by service providers.
