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Eurozone services PMI increased to a 25-month high in December, but lower than the flash estimate, a final report from the Markit Economics showed on Wednesday.
The services Purchasing Managers Index or PMI increased to 53.6 in December from 53 in November. The PMI reading was the highest level since November 2007. The December month reading was revised from 53.7 reported initially. A reading above 50 indicates expansion in the sector and below 50 suggests contraction.
Rob Dobson at Markit Senior Economist said, "However, the recovery is not being felt by all, and it is worrying to see Spain showing signs of a 'double dip' recession and lagging so far behind the other large euro area service economies."
New businesses increased to 25-month high in December, while new orders grew for fourth consecutive month. Employment declined for the eighteenth straight month in December.
Meanwhile, the composite output index stood at 54.2 in December, up from 53.7 in November. This was the highest reading for 26 months.The PMI reading was in line with the flash estimate.
"The recoveries in both the manufacturing and service sectors are gaining traction and the labour market is moving closer to stabilization." he added.
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