Zone euro PMI Services

The HCOB Eurozone Services PMI edged higher to 51.6 in October of 2024 from 51.4 in the previous month, revised higher from the flash estimate that it would have fallen to 51.2 and slightly ahead of the initial market expectations of 51.5. Still, new contracts for service providers fell for a second consecutive month, particularly with clients from outside each Eurozone member’s country with export orders falling the most in ten months. Still, the depletion of outstanding work prevented a sharper drop in output. Nonetheless, employment levels continued to rise, although the rate of job creation was the lowest since February 2021. On the price front, inflation rose for both input costs and output charges. Looking forward, respondents continued to show confidence in activity levels in the upcoming 12 months.