SPAIN APR SERVICES PMI 57.1 (FORCST 55.9); MAR 53.4
ITALY APR SERVICES PMI 55.7 (FORCST 54.5); MAR 52.1
FRANCE FINAL APR SERVICES PMI 58.9r (FLASH 58.8); MAR 57.4
GERMANY FINAL APR SERVICE PMI 57.6r (FLASH 57.9); MAR 56.1
EUROZONE FINAL APR SERVICES PMI 57.7(=FLASH); MAR 55.6
- This morning's round of final PMIs saw services come in strong across the Eurozone, keeping composite PMIs for the region afloat.
- France saw a 0.1-point upwards revision on the flash, whilst Germany ticked down 0.3 points from the prelim number.
- Spain and Italy both beat expectations, with services PMIs up 3.7 and 3.6 points respectively.
- Loosened Covid restrictions saw strong recoveries of service sectors in the region in April, despite input and output prices at Euro-era record highs. Eurozone services activity reached an 8-month high.
- As the manufacturing PMIs were seen faltering across the region due to worsened inflationary pressures and supply-chain issues due to the Ukraine war, the service industry has provided a key boost.
- Phil Smith, Economic Associate Director at S&P Global warned "The current pace of growth looks unsustainable, however, especially when factoring in a potential drag from manufacturing and a squeeze on real incomes from ever-rising prices."