Euro Area: Services PMI falls in June

Euro Area PMI June 2024

Euro Area: Services PMI falls in June

The HCOB Eurozone Services Purchasing Managers’ Index (PMI) fell to 52.8 in June from 53.2 in May. As a result, the index remained above the 50.0 no-change threshold but signaled a softer improvement in services-sector business activity compared to the previous month.

Key factors influencing the latest reading include a slowdown in demand, with export orders negatively impacting total sales, suggesting that new business growth was primarily driven by local demand. Efforts to reduce backlogs of work also contributed to activity growth, with the rate of backlog depletion the fastest since February. Meanwhile, employment growth was the softest in five months.

On the price front, the rate of input price inflation dropped to a 38-month low, while output charges increased at the weakest pace in over three years. Lastly, business sentiment remained optimistic in June, although the overall level of positivity fell to its lowest since the start of 2024.

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