Holger Zschaepitz(@Schuldensuehner):Good Morning from Germany, where the recovery is finally broadening. Sep’s composite PMI unexpectedly jumped to 53.8 from 51.8, its highest since Oct 2025. Services sprang back into expansion at 52.9, defying forecasts for continued contraction and joining manufacturing in growth territory. Employment rose for a second month. After years of underperformance, some welcome momentum for Europe’s largest economy. The catch: inflation pressures are picking up again, too.

Holger Zschaepitz

@Schuldensuehner

Holger Zschäpitz is market maniac @Welt and Author of 'Schulden ohne Sühne?' a book on states' addiction to debt. Pics:

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Holger Zschaepitz@Schuldensuehner

2026.09.23 08:06

Good Morning from Germany, where the recovery is finally broadening. Sep’s composite PMI unexpectedly jumped to 53.8 from 51.8, its highest since Oct 2025. Services sprang back into expansion at 52.9, defying forecasts for continued contraction and joining manufacturing in growth territory. Employment rose for a second month. After years of underperformance, some welcome momentum for Europe’s largest economy. The catch: inflation pressures are picking up again, too.

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