Euro Area: Services PMI ticks down in May

Euro Area PMI May 2024

Euro Area: Services PMI ticks down in May

The S&P Global Services Purchasing Managers’ Index (PMI) edged down to 53.2 in May from April’s 11-month high of 53.3. 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 drivers behind the latest Services PMI reading included the strongest increase in new business inflows in a year. Employment levels also rose significantly, with the rate of job creation reaching its steepest since June 2023.

In terms of prices, input and output inflation eased to their slowest in three months and seven months, respectively. Lastly, the outlook for services activity over the next year improved, with business optimism reaching its highest level since February 2022.

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