Eurozone Services PMI final rose to 53.6 in November from 53.0, marking a 30-month high and reinforcing the sector’s position as the main driver of regional growth. Composite PMI also improved to 52.8 from 52.5—another 30-month high—indicating that services strength more than compensated for continued manufacturing softness.
Country-level PMI Composite showed broad participation: Ireland led with a 42-month high at 55.8, while Italy also hit a 31-month high at 53.8. Germany (52.34) and Spain (55.1) softened slightly, and France returned to expansion at 50.4.
Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said the data show “clear signs of recovery” across the services sector. The improvement was strong enough to lift overall Eurozone output, supporting expectations of a “slight acceleration” in Q4 growth. Though the headline index remains “far from a boom,” De la Rubia described the overall performance as “relatively robust,” underpinned by encouraging geographical breadth.
Price indicators delivered mixed but generally favorable signals for policymakers. Services selling-price inflation—which the ECB monitors closely—“weakened significantly” again, while wage growth c is gradually easing. Taken together, the data are likely to strengthen the ECB’s conviction in keeping interest rates on hold at the upcoming meeting.
