The IHS Markit Eurozone Services PMI was revised higher to 50.5 in August 2020 from a preliminary estimate of 50.1 and compared to July's 54. Still, the reading pointed to a slower expansion in the services sector, amid a resurgence of coronavirus infections in some countries in the region. New orders dropped slightly as export sales declined for the twenty-fourth consecutive month. Job losses were recorded for the sixth straight month as firms grew more cautious about the future. Lower employment was seen across the region, with the exception of Germany where a slight rise was registered. On the price front, input cost inflation accelerated to a six-month high while output charges continued to fall in line with the challenging economic environment. Lastly, sentiment deteriorated to a three-month low.
Services PMI in the Euro Area averaged 51.48 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 September 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.