Germany has released economic data today that confirms market concerns over a global growth slowdown. Being Europe's largest economy, Germany's Purchasing Managers' Index (PMI) by IHS Markit sinks to lowest since October 2012.

Here's how the U.S. market indicators closed after trade Monday:

S&P 500 Index (SPY): -0.0097% or 0.29 points

Dow Jones Industrial Average (DIA): +0.055% or 14.92 points

Nasdaq Composite Index (QQQ): -0.064 % or 5.21 points

According to IHS Markit's description, the data for the PMI is compiled from surveys of senior executives at private sector companies. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories.

The German economy contracted in September, as the downturn in the country's manufacturing sector deepened and the service sector growth lost momentum. September's job creation also showed negative growth for the economy with firms reporting weakening demand and pessimism towards the outlook for activity.

Principal Economist at IHS Markit Phil Smith analyzed the state of Germany's economy as "limping towards the final quarter of the year and, on its current trajectory, might not see any growth before the end of 2019. The manufacturing numbers are simply awful. All the uncertainty around trade wars, the outlook for the car industry and Brexit are paralyzing order book, with September seeing the worst performance from the sector since the depths of the financial crisis in 2009."

IHS Markit also found that Eurozone is close to stalling in September as factory downturns continue to deepen. With the stalling of the Eurozone and the German economy, it is uncertain how strong the global economy will be as the year comes to a close.

In sector news in the U.S., IHS Markit's U.S. composite PMI saw private sector output increases in September, with the rate of expansion slightly faster than the three-and-a-half year low in August.

"The survey indicates that businesses continue to struggle against the headwind of trade worries and elevated uncertainty about the outlook" Chief Business Economist at IHS Markit Chris Williamson stated. "Jobs are now also being cut across the surveyed companies for the first time since January 2010, as firms have become more risk averse and increasingly eager to cost costs."

Although much of the U.S. data seems bleak, Williamson sees the manufacturing sector as a 'ray of light', citing that results have been positive with factory conditions remaining among the toughest since 2009.

As many big companies are pushing for more environmental improvements after Amazon's (AMZN  ) announcement on Friday, it is uncertain what will happen to the U.S. manufacturing sector. Some experts have stated that more electric cars will hurt the job market, with less mechanical jobs needed for production. With job growth across the U.S. slowing, it does not seem like major positive economic growth is anywhere in sight.

Tomorrow's market update will follow more trade tension news as global economies are crushing under the increasing tariff pressure and are demonstrating less growth.