The IHS Markit Eurozone Services PMI was revised higher to 48.3 in June 2020 from a preliminary estimate of 47.3 and compared to May's 30.5. The latest reading pointed to a weaker contraction in the services sector, amid the easing of coronavirus lockdown restrictions across the region. The job shedding rate slowed and levels of work outstanding continued to fall albeit at a softer pace. Meantime, new business followed a similar trend to activity as demand struggled to gain meaningful traction despite the reopening of businesses. On the price front, operating expenses rose for the first time since February. Lastly, sentiment returned to positive territory and hit a four-month high amid optimism regarding the gradual easing of lockdown restrictions.
Services PMI in the Euro Area averaged 51.47 points from 2007 until 2020, reaching an all time high of 58.30 points in June of 2007 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 July of 2020. source: Markit Economics
Services PMI in Euro Area is expected to be 43.00 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 53.60 in 12 months time. In the long-term, the Euro Area Services PMI is projected to trend around 51.00 points in 2021 and 54.00 points in 2022, according to our econometric models.