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.