Services PMI MoM Eurozone

Event Date: Tuesday, January 24, 2023
Event Time: 09:00 CET

Services to Start Expanding Again in the Eurozone

Updated Sunday, January 22, 2023
While manufacturing and industrial production fell into contraction and eventually in recession in the Eurozone last year, as in most of the developed world, services were holding on well. They were close to contraction, with the PMI indicator standing at around 51-52 points, this sector didn't show signs of contraction until February. But the coronavirus came and this sector fell in a very deep contraction all across Europe, as economies shut down one after another. But, we saw an improvement to 29 points in May, while in June services came at 47.3 points, which was revised higher to 48.3 points. But they fell further to 46.2 points in October, but were revised higher to 46.9 points in the final reading. In November it fell further to 41.7%, although they have improved to 48.8 points until March, where they have remained, which still means recession. But January is expected at 50.3 points. Please follow us for live coverage of this event by experienced market analysts. 

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About Services PMI MoM Eurozone
The Eurozone Services PMI is a statistic that measures the economic situation for the services sector. It is a key representation of aggregate sales and employment levels. In comparison to the Manufacturing PMI, the Services PMI does not impact GDP positively or negatively. PMI Services is released by two private information outlets: Markit Economics and the Chartered Institute of Purchasing and Supply.It is important to note that a value of 50 is the baseline for the Services PMI. Values above 50 are a signal of expansion, while below 50 indicates a slowdown. Market participants are partial to higher values, as this is evidence of sectoral growth.In terms of volatility, the Services PMI is a secondary metric for the Eurozone. Although the service industry plays a large role in the Eurozone’s economy
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