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Eurozone Services Sector Weakens

James Boston
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Eurozone Services Sector Weakens

In follow up to yesterday’s Purchasing Managers Indices (PMI) across the Eurozone Manufacturing sector, Markit Economics have this morning published PMI Services figures for many countries. The headline Eurozone Composite PMI has also been calculated for the month of June, this indicator has just come in at 52.8 compared to 53.5 in May, it did meet the market consensus of exactly 52.8. The PMI Services number for the Eurozone has therefore been announced at 52.8, markets were expecting this 52.8 reading based on the previous month’s number of 53.2.

Earlier this morning Spain published it’s latest PMI data, the Services number came in lower than anticipated at 54.8, this follows 55.7 in May and the market consensus was for a 55.8 reading.

The Italian Services number beat expectations today, this was released as 54.2, in comparison to a May reading of 51.6, the consensus was for 51.8. This brings the Italian Composite PMI to 53.9 in comparison to the 52.7 experienced in May.

France posted a slight gain in it’s Services PMI, this number came in at 48.2 and is still not an expansionary figure. The previous month’s reading stood at 49.1 and the expectation was that this number would fall to 48.2 in June. The French PMI Composite number is 48.1, following last month’s 48.0 reading, markets had not expected any deviation from this number.

In Germany the Services index moved lower to 54.6 for the month of June, this represents a fall from May’s 56.0 level and a miss of the market consensus estimate for 54.8. Following yesterday’s Manufacturing fall the German Composite PMI is now reading at 54.0.

Finally, the Irish PMI number has come in ahead for the second month straight. This is now reading at 62.6 which is a clear gain on the 61.7 experienced in the month of May.

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