Zone euro PMI Services

The HCOB Eurozone Services PMI fell to 49.2 in November 2024, compared to October’s reading and market expectations of sustained expansion at 51.6. The latest reading indicates renewed contraction in the services sector, ending a nine-month streak of growth, with business activity declining for the first time since January. At the same time, both new orders and order backlogs fell at a faster pace than in October. In terms of prices, input costs surged sharply, largely due to a significant rise in wages. As a result, inflation in selling prices remained elevated. On a positive note, services employment continued to increase, with the latest rise marking the fastest pace in four months.