The S&P Global Eurozone Services PMI stood at 48.6 in November 2022, unchanged from October's 21-month low and above market expectations of 48, a preliminary estimate showed. The latest reading pointed to a fourth consecutive month of contraction in the service sector, with the rate of decline remaining among the strongest since 2013, excluding COVID-19 lockdown months. New orders fell at a steeper rate and backlogs of work continued to decrease, while the pace of job creation slowed. On the price front, input cost inflation moderated, down to the second-lowest in the past nine months, albeit remaining elevated by historical standards, while selling price inflation also eased. Finally, business expectations for the year ahead remained subdued. source: Markit Economics

Services PMI in Euro Area averaged 51.55 points from 2007 until 2022, reaching an all time high of 59.80 points in July of 2021 and a record low of 12.00 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 2022.

Services PMI in Euro Area is expected to be 49.50 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 52.30 points in 2023 and 54.00 points in 2024, according to our econometric models.

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Euro Area Services PMI



Related Last Previous Unit Reference
Services PMI 48.60 48.60 points Nov 2022
Manufacturing PMI 47.10 46.40 points Nov 2022
Composite PMI 47.80 47.30 points Nov 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
48.60 48.60 59.80 12.00 2007 - 2022 points Monthly

News Stream
Eurozone Service Sector Contracts in November
The S&P Global Eurozone Services PMI stood at 48.6 in November 2022, unchanged from October's 21-month low and above market expectations of 48, a preliminary estimate showed. The latest reading pointed to a fourth consecutive month of contraction in the service sector, with the rate of decline remaining among the strongest since 2013, excluding COVID-19 lockdown months. New orders fell at a steeper rate and backlogs of work continued to decrease, while the pace of job creation slowed. On the price front, input cost inflation moderated, down to the second-lowest in the past nine months, albeit remaining elevated by historical standards, while selling price inflation also eased. Finally, business expectations for the year ahead remained subdued.
2022-11-23
Euro Area Services Activity Continues to Contract
The S&P Global Eurozone Services PMI was revised higher to 48.6 in October of 2022 from a preliminary of 48.2, but still pointed to a third consecutive month of falling services activity and the biggest since February last year, due to weaker demand. New orders went down for a fourth month and output fell the most since February 2021 while backlogs of work moved higher and job creation remained strong. Also, service sector operating costs rose at a sharp pace once again, with companies opting to at least partly pass these on to clients through higher selling charges. That said, rates of inflation slowed in both cases. Finally, there was a slight pick-up in business expectations, although the level of confidence in the outlook was the second-weakest since May 2020.
2022-11-04
Eurozone Services Activity Falls Deeper into Contraction
The S&P Global Services PMI in the Euro Area declined to 48.2 in October 2022 from 48.8 in the previous month and well below, indicating falling business activity levels for three consecutive months and at a rate that was the fastest since February 2021, a preliminary estimate showed. Excluding pandemic lockdown months, the latest reading was the lowest since May 2013. The decline in new business inflows was the steepest since June 2013 barring pandemic lockdown months, while employment growth remained weak. On the price front, input cost inflation accelerated in October, while the rate of selling price inflation cooled only marginally, but remained higher than anything ever seen prior to the pandemic.
2022-10-24