Eurozone PMI Services was finalized at 50.5 in August, down from July’s 54.7. PMI Composite was finalized at 51.9, down from July’s 54.9. Among the states where data are available, Germany PMI composite dropped to 2-month low of 54.4. Ireland dropped to 54.0. France dropped to 51.6. Italy and Spain stayed in contraction at 49.5 and 48.4 respectively.
Chris Williamson, Chief Business Economist at IHS Markit said: “Service sector companies across the eurozone saw growth of business activity grind almost to a halt in August, fueling worries that the post-lockdown rebound has started to fade amid ongoing social distancing restrictions linked to COVID-19… Although the relative strength of the PMI data in July and August mean the autumn is likely to still see the economy rebound strongly from the collapse witnessed in the spring, the survey highlights how policymakers will need to remain focused firmly on sustaining the recovery as we head further into the year.”
