Eurozone PMI Services was finalized at 59.8 in July, up from 58.3, highest since June 2006. PMI Composite was finalized at 60.2, up from 59.5, a new record high.
Chris Williamson, Chief Business Economist at IHS Markit said: “Europe’s service sector is springing back into life. Easing virus restrictions and further vaccination progress are boosting demand for a wide variety of activities….Alongside the sustained elevated growth recorded in the manufacturing sector, the impressive strength of the service sector’s expansion in July means the eurozone should see GDP growth accelerate in the third quarter.
“Worries about the Delta variant have become more widespread, however, subduing activity in some instances and raising concerns about the possibility of virus restrictions being tightened again…. Furthermore, up to now companies have generally seen little resistance from customers to higher prices, but this could change after the current rebound from lockdown restrictions has passed.”
