Eurozone Services Sector Grows In November

Sponsored Links

Eurozone services Purchasing Managers Index increased to 53 in November from 52.6 in October, a report from the Markit Economics showed on Thursday.

The November month reading was revised from 53.2 reported initially. A reading above 50 indicates expansion in the sector and below 50 suggests contraction.

New businesses rose for the third month in a row in November, but it was smaller than the previous month. Employment declined for the seventeenth straight month in November.

Meanwhile, the composite output index stood at 53.7 in November, confirming the private sector activity increased at the fastest pace in two years. The reading was in line with the flash estimate.

Rob Dobson, Markit Senior Economist said, "While this raises the possibility that GDP in Q4 may be better than the 0.4% increase in Q3"

"The final services PMI provides further evidence that the recovery, initially led by manufacturing, is also being felt in other parts of the economy, which should hopefully help sustain the upturn." Rob Dobson noted.

"The continued robust performances of France, in particular, and Germany are encouraging, but sit in uncomfortable contrast to the continued downturn in Spain." he added.

Eurozone services Purchasing Managers Index increased to 53 in November from 52.6 in October, a report from the Markit Economics showed on Thursday. (Market News Provided by RTTNews)