Eurozone PMI Services was finalized at 59.0 in August, down from July’s 59.8. PMI Composite was finalized at 59.0, down from 60.2. Looking at some member states, PMI composites were generally strong: Ireland (62.6), Spain (60.6), Germany (60.0), Italy (59.1), France (55.9).
Joe Hayes, Senior Economist at IHS Markit said: “It was another solid result for euro area businesses in August, according to the PMI numbers, which still point to rapid rates of expansion in output and demand…. but a step down since the preliminary ‘flash’ number tells us that this growth momentum is fading… Regardless, another strong quarter-on-quarter rise in GDP is on the cards for the third quarter, and we’re certainly on track for the eurozone economy to be back at pre-pandemic levels by the end of the year, if not sooner.”
