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Eurozone Services PMI Numbers Lower

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Eurozone Services PMI Numbers Lower

In a follow up to Monday’s Manufacturing Purchasing Managers Index (PMI) data released by Markit Economics for the Eurozone, today sees the release of the Services sector version and also the Composite figures. The headline number this morning is the Eurozone PMI Composite which has come in at 53.2, this is slightly down on last month’s 53.9, the market consensus was for no change in this number. The Composite number is an amalgamation of the Manufacturing PMI, which was published on Monday as 52.2, and today’s Services number. The Eurozone PMI Services figure has been announced as 53.5, down on the April reading of 53.5 and missing the consensus estimate also for a 53.5 reading.

Individual data on the larger Eurozone member states has also been published by Market Economics. The Spanish Services reading is off at 55.7 compared to the previous month’s figure of 56.5 and a consensus estimate of 56.1.

In Italy the PMI Services number for the month of May was announced as 51.6, higher than the 51.1 experienced in April and ahead of the consensus estimate for a reading of 51.4. The Italian PMI Composite has therefore been calculated as 52.7 for the month, down on the previous publication of 52.6.

France has shown a Services number of 49.1 compared to 49.2 in April and a market consensus estimate of also 49.2. On the Composite figure France is being calculated as 49.3 against the 49.3 previously seen and the 49.4 market expectation.

Finally, the German PMI Services data for the month of May has produced a figure of 56.0, this represents an decrease on the April number of 56.4, this 56.4 figure was expected to hold according to market consensus expectations. The calculation for the German PMI Composite number therefore is 53.5 against an April print of 56.1.

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