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Euro Zone Service Activities Grow Most In 2 Years

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The European zone Services PMI revised lower to 54.7 in July 2020 from an initial estimate of 55.1, still showing the highest expansion month in the sector since September 2018 as the economy recovered from the coronavirus.

Components:

  • Job backlog continues to decline and jobs contract for the fifth consecutive period.
  • In terms of prices, operating expenses increased for the second month, while output charges decreased for the fifth consecutive month as a challenging business environment and efforts to support sales resulted in another discount period.
  • Business confidence about the year ahead strengthened further during July, reaching the highest level for five months.