The S&P Global Eurozone Services PMI dropped to 52.8 in June 2022 from 56.1 in the previous month and compared with the market consensus of 55.5, a preliminary estimate showed. The latest reading showed that inflows of new business rose at a much softer pace, with growth down to the second-lowest level since May 2021. On top of that, the record surge in tourism growth seen in the last two months stagnated in June, with firms blaming the rising costs of living and slowing pent-up demand. Overall job creation moderated to a 13-month low as firms scaled back hiring plans amid a worsening outlook for growth. On the price front, input costs continued to ease while output charges increased to a two-month high amid rising energy and raw materials costs. source: Markit Economics

Services PMI in the Euro Area averaged 51.61 points from 2007 until 2022, reaching an all time high of 59.80 points in July of 2021 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 June of 2022.

Services PMI in Euro Area is expected to be 55.80 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 54.60 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
Manufacturing PMI 52.00 54.60 points Jun 2022
Services PMI 52.80 56.10 points Jun 2022
Composite PMI 51.90 54.80 points Jun 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
52.80 56.10 59.80 12.00 2007 - 2022 points Monthly

News Stream
Eurozone Services Activity Growth Slows Sharply
The S&P Global Eurozone Services PMI dropped to 52.8 in June 2022 from 56.1 in the previous month and compared with the market consensus of 55.5, a preliminary estimate showed. The latest reading showed that inflows of new business rose at a much softer pace, with growth down to the second-lowest level since May 2021. On top of that, the record surge in tourism growth seen in the last two months stagnated in June, with firms blaming the rising costs of living and slowing pent-up demand. Overall job creation moderated to a 13-month low as firms scaled back hiring plans amid a worsening outlook for growth. On the price front, input costs continued to ease while output charges increased to a two-month high amid rising energy and raw materials costs.
2022-06-23
Eurozone May Services PMI Revised Lower
The S&P Global Eurozone Services PMI was revised lower to 56.1 in May of 2022 from a preliminary estimate of 56.3 and down from April’s 57.7. Still, it signalled the second-fastest expansion in services output since last September, as new business intakes continued to rise, supported by a renewed increase in new orders from overseas customers. That said, overall demand for services rose at a slower rate when compared to April. Nevertheless, capacity pressures intensified, as signalled by a faster rise in backlogs of work. The rate of accumulation in work-in-hand was the fastest for ten months. To boost activity levels, employment was raised to the quickest extent since July 2007. Meanwhile, there was a further steep rise in operating expenses, leading firms to increase prices for the provision of services across the euro area at a sharp pace. Overall, the rate of output price inflation was the second-fastest on record behind April’s peak.
2022-06-03
Euro Area Services PMI Points to Robust Growth in May
The S&P Global Flash Eurozone Services PMI fell to 56.3 in May of 2022 from 57.7 in April, well below market forecasts of 57.5, but still pointing to the second-strongest expansion in the services sector in the past eight months, amid pent-up pandemic demand. Many consumer-facing service sector businesses reported strong demand due to the reopening of the economy after Omicron related restrictions, driving especially robust growth for tourism and recreation activities. Also, employment gains were the highest for almost 15 years. On the price front, both input and output cost inflation eased.
2022-05-24