Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said that the service sector may keep Germany's economic growth barely above zero in the fourth quarter. However, the industry's growth momentum slowed in November. One reason may be that the consumption-sensitive service sector is being impacted by the prudent spending behavior of households. Furthermore, the PMI showed that the manufacturing recession deepened again in November, which in turn affected industry-related service companies, which was also detrimental to the overall economy. However, conversely, it also proves that service companies have shown relatively strong resilience in the face of difficult environments. On the price side, the good news is that the inflationary pressure on service companies' costs has abated slightly. But companies are apparently being forced to channel lower inflationary pressure to customers, as sales price increases have also slowed. This indicates that the company has failed to achieve an increase in profit margins.

Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said that the service sector may keep Germany's economic growth barely above zero in the fourth quarter. However, the industry's growth momentum slowed in November. One reason may be that the consumption-sensitive service sector is being impacted by the prudent spending behavior of households. Furthermore, the PMI showed that the manufacturing recession deepened again in November, which in turn affected industry-related service companies, which was also detrimental to the overall economy. However, conversely, it also proves that service companies have shown relatively strong resilience in the face of difficult environments. On the price side, the good news is that the inflationary pressure on service companies' costs has abated slightly. But companies are apparently being forced to channel lower inflationary pressure to customers, as sales price increases have also slowed. This indicates that the company has failed to achieve an increase in profit margins.