The HCOB Eurozone Services PMI for December 2024 was revised upward to 51.6, slightly above the preliminary estimate of 51.4 and significantly higher than November’s 49.5.
Eurozone services PMI up, growth remains mild
This indicated a modest service sector recovery, though growth remained below the survey’s historical average. New business intakes saw only a slight increase but marked the first improvement in demand since August. The rise in sales was primarily driven by domestic demand, as export business continued to decline for the nineteenth consecutive month.
Employment in the services sector continued to grow, extending nearly four years of job creation. However, the pace of hiring remained marginal and among the weakest in this period.
Inflationary pressures rise, business optimism remains subdued
Inflationary pressures intensified, with input costs and output charges rising faster in five and seven months.
Business optimism for the year ahead improved from November’s 14-month low but remained muted compared to historical levels.
