Eurozone PMI Services were finalized at 56.2 in April, up from March’s 55.0, marking a 12-month high. PMI Composite was finalized at 54.1, up from March’s 53.7, an 11-month high.
Among member states, Italy’s PMI composite rose to 55.3, a 17-month high, while Germany’s increased to 54.2, a 12-month high. Ireland rose to 53.5, a 2-month high. However, Spain dropped to a 2-month low of 56.2, and France fell to a 2-month low of 52.4.
HCOB noted that the service sector is robust across Eurozone, with companies able to pass on at least some inflation in intermediate inputs to customers. Service firms’ confidence was reflected in the solid index reading for business expectations and increased staffing levels compared to the previous month.
However, HCOB also highlighted that Eurozone order backlog grew at a weaker pace, nearly stagnating in Germany and falling slightly in Italy. Despite this, all PMI indicators suggest that growth in the Eurozone services sector will continue in the months ahead.
