Flash Eurozone services PMI
According to a report by Markit Economics, the flash Eurozone services PMI (purchasing managers’ index) stood at 53.1 in August 2016 compared to 52.9 in July. The August reading beat the market expectations of 52.8 and was the highest reading since May 2016. The rise in the index was mainly due to the increased output. New business orders also rose in the economy (EZU) (VGK) (IEV) at a faster pace. However, employment growth fell slightly.
Flash France services PMI
The services PMI of the Eurozone’s major economies also showed some improvements. The flash France (EWQ) services PMI stood at 52 in August 2016 compared to 50.5 in July. The reading beat the market expectations of 50.5 and was the highest reading since October 2015. The improvement in the performance is mainly due to the increased business activity. New orders also rose.
Flash Germany services PMI
The flash Germany (EWG) services PMI stood at 53.3 in August 2016 compared to 54.4 in July. The reading was far below the market expectations of 54.4 and was the lowest figure since May 2015. The weaker performance is mainly due to a fall in business activity. In the previous parts of the series, we saw that the business climate also fell in Germany.
In the next part of this series, we’ll look at the performance of the flash US services PMI for August 2016.