Germany’s S&P Global Services PMI was revised higher to 52.5 in October 2026 from a preliminary estimate of 51.7, but eased from 52.9 in September. This indicated continued expansion for a second consecutive month, albeit at a slightly slower pace, as new business inflows declined again, partly due to weaker domestic and foreign demand. Meanwhile, activity was supported by work on outstanding orders. Employment also fell for the first time since July, marking the sharpest decline in six months. On the price front, input cost inflation eased for the first time in four months, partly reflecting the reinstatement of fuel discounts, although price pressures remained elevated by historical standards. Output price inflation also moderated. Despite softer demand and declining employment, business confidence improved to its highest level since February, supported by hopes of a recovery in economic conditions.