Eurozone August Services PMI 49.8... Below Expectations
The August Services Purchasing Managers' Index (PMI) for the 19 Eurozone countries using the euro within the European Union (EU) fell short of expectations.
According to Bloomberg on the 5th (local time), the Eurozone's August Services PMI was recorded at 49.8. This slightly missed the forecast of 50.2 and was lower than the previous month's 51.2.
The PMI is compiled monthly through surveys of purchasing managers in companies regarding new orders, production, inventory, employment, and more.
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It is an indicator that reflects business conditions in sectors such as manufacturing and services. A PMI of 50 or below indicates contraction in business activity, while a PMI above 50 signifies expansion.
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