The IHS Markit Eurozone Services PMI was revised higher to a four-month high of 52.8 in December 2019 from a preliminary estimate of 52.4 and above the previous month's final reading of 51.9. New work growth picked up, despite a persistent decline in new export business, and outstanding business increased for the first time in five months. Meanwhile, employment continued to rise, but at its softest pace since the start of 2019. On the price front, input cost inflation was little-changed at a marked level on the back of rising staffing costs, while output charges were up only slightly, squeezing margins. Looking ahead to the coming 12 months, business confidence about the future strengthened to its highest level since July, led by a strong improvement in sentiment amongst German service providers. Services PMI in the Euro Area averaged 52.04 points from 2007 until 2019, reaching an all time high of 58.30 points in June of 2007 and a record low of 39.20 points in February of 2009. source: Markit Economics

Services PMI in Euro Area is expected to be 52.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Euro Area to stand at 53.30 in 12 months time. In the long-term, the Euro Area Services PMI is projected to trend around 54.00 points in 2020, according to our econometric models.

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Euro Area Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
52.80 51.90 58.30 39.20 2007 - 2019 points Monthly


News Stream
2019-12-16
Euro Area Services Growth at 4-Month High
The IHS Markit Flash Eurozone Services PMI edged up to 52.4 in December of 2019 from 51.9 in November, beating market forecasts of 52. The reading pointed to the fastest growth in the services sector in four months. Among countries for which flash data is available, French services sector grew at a slightly higher rate (52.4 from 52.2 in November), despite strikes that hit the country in December triggered by plans to reform France’s pension system; and in Germany, services growth was stable (52). Expectations for future output dipped slightly, with companies’ concerns once again centred on geopolitical uncertainty, notably including Brexit-related disruption and US trade wars, alongside more general concerns about slowing global economic growth in 2020.

2019-12-04
Euro Area Services PMI Revised Higher
The IHS Markit Eurozone Services PMI was revised higher to 51.9 in November of 2019 from a preliminary of 51.5 and compared to 52.2 in October. Yet, it was the second-lowest reading since January amid a muted increase in new business volumes. Gains in new work continued to be undermined by ongoing falls in services exports. On the other hand, job creation was the strongest since August. On the price front, input costs increased mainly due to higher company operating expenses while output prices rose only modestly. Looking ahead to the coming 12 months, service providers were on balance confident of an increase in activity from present levels. Sentiment was at its highest level since July, though remained well down on the historical series average.

2019-11-22
Eurozone Services Activity Growth at 10-Month Low
The IHS Markit Eurozone Services PMI decreased to 51.5 in November 2019 from 52.2 in the previous month and matching market expectations, a preliminary estimate showed. The reading pointed to the weakest expansion in the services sector since January, as new business inflows rose at the softest pace in almost five years and backlogs of work dropped further. Also, the job creation rate eased to a ten-month low. On the price front, input prices continued to increase and output costs rose at the slowest rate since August 2017. Finally, expectations for future service sector deteriorated to its lowest since June 2013.

2019-11-06
Eurozone Services PMI Revised Higher
The IHS Markit Eurozone Services PMI was revised higher to 52.2 in October 2019 from a preliminary estimate of 51.8 and compared to September's final 51.6. Still, that was the second-lowest reading since January. New business volumes increased marginally, despite a 14th consecutive month of decline in export trade, while employment growth was unchanged at an eight-month low. On the price front, operating expenses rose at their sharpest rate for five months amid widespread reports of higher employment costs. Finally, business confidence dropped to a level only slightly above August’s near five-year low.

2019-10-24
Eurozone Services Activity Growth Accelerates in October
The IHS Markit Eurozone Services PMI increased to 51.8 in October 2019 from 51.6 in the previous month and slightly below market expectations of 51.9, preliminary estimates showed. Service sector growth picked up slightly compared to September but continued to run at one of the weakest rates since late-2014 as new business inflows slipped closer to stagnation. Service sector employment growth was the lowest seen since January, and the second weakest since 2016. Prices levied for services showed the smallest monthly rise since August 2017.

2019-10-03
Eurozone Services Growth Revised to 8-Month Low
The IHS Markit Eurozone Services PMI dropped to 51.6 in September 2019 from 53.5 in the previous month and below preliminary estimates of 52, final data showed. The latest reading pointed to the weakest pace of expansion in the service sector since January, as new orders rose at a slower pace, especially from foreign clients and services exports declined. Backlogs of work fell for a second successive month and job creation growth softened to an eight-month low. On the price front, input costs increased at the weakest degree for 25 months and output prices were raised only modestly. Finally, confidence about the year ahead was stronger than in August.


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.

Euro Area Business Last Previous Highest Lowest Unit
Business Confidence -0.25 -0.21 1.64 -3.32 points [+]
Services PMI 52.80 51.90 58.30 39.20 points [+]
Manufacturing PMI 46.30 46.90 60.60 33.50 points [+]
Composite Pmi 50.90 50.60 58.80 45.70 points [+]
Industrial Production -1.50 -2.60 9.70 -21.40 percent [+]
Industrial Production Mom 0.20 -0.90 3.30 -4.00 percent [+]
Manufacturing Production -1.60 -2.70 10.00 -21.70 percent [+]
Capacity Utilization 81.20 81.90 85.30 69.60 percent [+]
Changes In Inventories -0.63 10.14 29.74 -23.13 EUR Billion [+]
Zew Economic Sentiment Index 11.20 -1.00 89.90 -63.70 [+]
Car Registrations 1012.92 940.40 1147.81 672.70 Thousand [+]
Industrial Sentiment -9.30 -9.10 10.20 -37.70 [+]
Mining Production -3.10 -5.80 42.30 -27.80 percent [+]
Services Sentiment 11.40 9.20 35.30 -25.20 [+]