The IHS Markit Eurozone Services PMI was revised lower to 55.9 in November 2021, from a preliminary estimate of 56.6 and below October’s final 54.6. Although this was markedly weaker than the growth rates seen in the second and third quarter, November still achieved a rate of growth which was above the survey’s historical average. Demand for services increased for a seventh straight month in November, although the expansion was the weakest over this period. New orders from foreign clients also rose, albeit only marginally. Nonetheless, capacity pressures continued to build, while firms hired additional staff to support the provision of their services. The rate of jobs growth was the third-quickest in over 14 years. Lastly, prices data showed accelerated increases in both output charges and input costs. In both cases, rates of inflation reached new survey highs. source: Markit Economics

Services PMI in the Euro Area averaged 51.49 points from 2007 until 2021, reaching an all time high of 59.80 points in July of 2021 and a record low of 12 points in April of 2020. This page provides the latest reported value for - Euro Area Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.

Services PMI in Euro Area is expected to be 54.80 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Services PMI is projected to trend around 55.00 points in 2022 and 54.00 points in 2023, according to our econometric models.

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Euro Area Services PMI


Related Last Previous Unit Reference
Services PMI 55.90 54.60 points Nov/21
Manufacturing PMI 58.40 58.30 points Nov/21
Composite PMI 55.40 54.20 points Nov/21

News Stream
Eurozone November Services PMI Revised Lower
The IHS Markit Eurozone Services PMI was revised lower to 55.9 in November 2021, from a preliminary estimate of 56.6 and below October’s final 54.6. Although this was markedly weaker than the growth rates seen in the second and third quarter, November still achieved a rate of growth which was above the survey’s historical average. Demand for services increased for a seventh straight month in November, although the expansion was the weakest over this period. New orders from foreign clients also rose, albeit only marginally. Nonetheless, capacity pressures continued to build, while firms hired additional staff to support the provision of their services. The rate of jobs growth was the third-quickest in over 14 years. Lastly, prices data showed accelerated increases in both output charges and input costs. In both cases, rates of inflation reached new survey highs.
2021-12-03
Eurozone Services Activity Growth Picks Up in November
The IHS Markit Eurozone Services PMI increased to 56.6 in November 2021, from 54.6 in the previous month and above market expectations of 53.5, a preliminary estimate showed. Output growth accelerated from October's six-month low on the back of slightly stronger inflows of new business. In addition, the pace of job creation was strong overall and backlogs of work continued to rise at an elevated pace. On the price front, input and output costs rose at record rates. Finally, future output expectations deteriorated in November, amid worries about the impact of further COVID-19 waves.
2021-11-23
Eurozone Service Sector Growth at 6-Month Low
The IHS Markit Eurozone Services PMI was revised slightly lower to 54.6 in October 2021, from a preliminary estimate of 54.7 and below September’s final 56.4. The latest reading pointed to the slowest growth in the services sector since April. New business growth slowed fractionally, although increased tourism and greater flexibility towards international travel reportedly boosted overseas demand. The strong growth trend in service sector employment continued into October, with staffing levels rising at the quickest pace since October 2007. As a result, the rate of backlog accumulation was its slowest since April. Inflationary pressures continued to build as service providers registered the strongest increases in both costs and selling prices for just over 21 years.
2021-11-04

Euro Area Services PMI
The Eurozone Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of around 2,000 private service sector firms. National services data are included for Germany, France, Italy, Spain and the Republic of Ireland. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.