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.