The HCOB Eurozone Services PMI dropped to 48.3 in August 2023 from50.9 in July and lower than the market forecasts of 50.5, preliminary estimates showed. The services activity contracted for the first time since the end of 2022 amid worsening demand conditions. The downturn was the steepest in Germany. New business intakes fell for the second month and at a pace not seen since May 2013 if COVID-19 lockdown months excluded. Meanwhile, hiring nearly stalled, with the employment growth being the smallest in the sector since February 2021. At the same time, backlogs of work declined for a second successive period. On prices, output charges rose at the slowest rate since October 2021, while input inflation picked up due mainly to rising salary pressures. Lastly, expectations of output levels in the coming year descended further below the survey’s long-run average, signaling subdued optimism. source: Markit Economics

Services PMI in Euro Area averaged 51.58 points from 2007 until 2023, 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 August of 2023.

Services PMI in Euro Area is expected to be 49.10 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 52.50 points in 2024 and 51.90 points in 2025, according to our econometric models.

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Euro Area Services PMI



Related Last Previous Unit Reference
Services PMI 48.30 50.90 points Aug 2023
Manufacturing PMI 43.70 42.70 points Aug 2023
Composite PMI 47.00 48.60 points Aug 2023

Euro Area Services PMI
The HCOB Eurozone Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of service providers in Germany, France, Italy, Spain and Ireland. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. The index varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
Actual Previous Highest Lowest Dates Unit Frequency
48.30 50.90 59.80 12.00 2007 - 2023 points Monthly

News Stream
Euro Area Services Activity Unexpectedly Contracts
The HCOB Eurozone Services PMI dropped to 48.3 in August 2023 from 50.9 in July and lower than the market forecasts of 50.5, preliminary estimates showed. The services activity contracted for the first time since the end of 2022 amid worsening demand conditions. The downturn was the steepest in Germany. New business intakes fell for the second month and at a pace not seen since May 2013 if COVID-19 lockdown months excluded. Meanwhile, hiring nearly stalled, with the employment growth being the smallest in the sector since February 2021. At the same time, backlogs of work declined for a second successive period. On prices, output charges rose at the slowest rate since October 2021, while input inflation picked up due mainly to rising salary pressures. Lastly, expectations of output levels in the coming year descended further below the survey’s long-run average, signaling subdued optimism.
2023-08-23
Euro Area Services Growth Nearly Stalls in July
The HCOB Eurozone Services PMI was revised lower to 50.9 in July 2023 from a preliminary of 51.1, and 52 in June, pointing to near-stalling of activity levels in the services sector, the weakest performance in six months. There was a renewed reduction in new business intakes, marking the first contraction in demand for Eurozone services since the end of last year. Orders received from export markets also slumped further. Meanwhile, volumes of outstanding business fell for the first time since January and employment growth was sustained, continuing the current sequence of job creation that began two-and-a-half years ago. Also, rates of input cost and output price inflation were fractionally weaker than seen in June. Looking ahead, expectations for business activity remained positive, although the degree of optimism slipped to a seven-month low.
2023-08-03
Eurozone Service Sector Growth Slows to 6-Month Low
The HCOB Eurozone Services PMI was down to 51.1 in July 2023 from June's 52.0, slightly below the market consensus of 51.5, a preliminary estimate showed. The latest reading signaled the weakest pace of expansion in the region's service sector since January, as new orders decreased for the first time in seven months and backlogs of work posted the first drop in six months. Additionally, the pace of job creation slowed to a five-month low, and business confidence deteriorated. On the price front, input cost inflation fell to the lowest level since May 2021, and selling price inflation was the lowest since October 2021.
2023-07-24