Eurozone Services PMI Surprises and Reaches 48.7 in November, Exceeding Expectations

Written by Paulo Nogueira

Published on 05/12/2023 at 07:43

Consenso Refinitiv estimava um PMI de serviços de 48,2 no mês; PMI composto ficou em 47,6 em novembro, ante 46,5 em outubro

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Refinitiv Estimated Services PMI of 48.2, While Composite PMI Stood at 47.6 in November, Indicating Contraction in Production.

The Eurozone Services PMI recorded an increase, rising from 47.8 in October to 48.7 in November, indicating a recovery in the sector. However, the index still remained below the 50.0 mark, which separates readings of contraction in activity from expansion, according to data released by S&P Global in partnership with HCOB bank. Since August, the PMI has remained below the neutral point of 50.0.

This assessment of the services sector slightly exceeded market analysts’ expectations, who forecasted a services purchasing managers’ index (PMI) of 48.2 for the month. Still, the recovery continues to be closely monitored by economic specialists and investors in the Eurozone.

Services PMI in the Eurozone Remains Below 50.0 in November

With the services data, the composite PMI for the euro area also recorded a reading below 50.0 for the sixth consecutive month in November, with the indicator standing at 47.6, compared to 46.5 in October. This result reinforces the assessment of the services sector in the region, according to the purchasing managers’ index.

ARTICLE CONTINUES BELOW

Composite PMI Below 50.0 Indicates Challenges in the Eurozone

Ireland was the only monitored country in the euro area to register an expansion in production for the month, highlighting a glimmer of hope amidst the difficulties faced by the bloc. However, the services PMI pointed to significant challenges, with the overall index reflecting ongoing contraction. S&P Global noted that services activity in the Eurozone faces considerable obstacles, hindering the region’s economic recovery.

Source: Info Money

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Eurozone Services PMI Surprises and Reaches 48.7 in November, Exceeding Expectations

Refinitiv Estimated Services PMI of 48.2, While Composite PMI Stood at 47.6 in November, Indicating Contraction in Production.

Services PMI in the Eurozone Remains Below 50.0 in November

Composite PMI Below 50.0 Indicates Challenges in the Eurozone

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Eurozone Services PMI Surprises and Reaches 48.7 in November, Exceeding Expectations

Refinitiv Estimated Services PMI of 48.2, While Composite PMI Stood at 47.6 in November, Indicating Contraction in Production.

Services PMI in the Eurozone Remains Below 50.0 in November

Composite PMI Below 50.0 Indicates Challenges in the Eurozone

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