Euro area services PMI continued its fall in October

By Tuba Sahin

ANKARA (AA) - Falling for the third month in a row, the euro area services Purchasing Managers’ Index (PMI) hit a six-month low of 54.6 in October, a London-based global data company said Thursday.

The index has slipped five points since July’s fifteen-year high as business activity across the eurozone moves closer to pre-pandemic levels, IHS Markit said in a statement.

October's reading was down from 56.4 in September.

The new business growth pace was down last month despite increased tourism and eased travel restrictions boosting overseas demand, the global data provider noted.

Service sector job creation maintained its strong growth trend, with staffing levels rising at the quickest pace since October 2007.

As high inflation in Europe remains a hot topic, IHS Markit data showed that inflationary pressures are building as service providers registered the strongest rises in both costs and selling prices in over 21 years.