The S&P Global Germany Composite PMI was revised higher to 48.8 in May 2026 from a preliminary of 48.6 and compared to 48.4 in April, but continuing to signal a second straight month of contraction in private sector activity. The services sector continued to fall (48.1 vs 46.9) while manufacturing stalled (50.1 vs 51.4). There were broad-based decreases in new work, employment and backlogs. On the price front, input cost inflation accelerated to a 42-month high, but average charges for goods and services rose more slowly than in April. On the other hand, business expectations improved in both monitored sectors.