Eurozone's services PMI down to 51.1 in January - Breaking The News

Eurozone's services PMI down to 51.1 in January

3 February

1 min read

EPA-EFE/JULIEN WARNAND

The activity in the Eurozone's services sector registered a further stagnation in January, IHS Markit said in its report published on Thursday. The Final Services Business Activity Index came in at 51.1, slightly below expectations and two percentage points lower in comparison to December's figure.

Meanwhile, the Final Composite Output Index, which combines the results of the activity in the services and manufacturing sectors, stood at 52.3, going down by one percentage point in contrast with the previous month.

"The eurozone economy has slowed further in January after seeing growth weaken in the final quarter of 2021. Businesses are reporting subdued demand and ongoing constraints in terms of both labor shortages and raw material supply issues resulting from the [COVID-19] pandemic," Chris Williamson, Chief Business Economist at IHS Markit, commented on the report.

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