The pace of expansion nevertheless remained robust, and job creation continued to run at one of the quickest rates seen over the past 11 years. Business confidence, however, was at its lowest in nearly two years, reflecting concerns over signs of a slowdown in economic growth, rising global uncertainties and skill shortages.

The headline seasonally adjusted final IHS Markit Germany Services PMI Business Activity Index registered 54.7 in October, down from September’s eight-month high of 55.9 and its lowest reading since July (but above the earlier ‘flash’ estimate of 53.6). The index was above its long-run average and signalled the continuation of a record sequence of growth that began in mid-2013.