Euro Area Services PMI

The S&P Global Eurozone Services PMI came in at 48.5 in November 2022, little-changed from 48.6 recorded in both the preliminary estimate and October's final reading. The figure signaled a fourth straight month of falling output levels across the service sector, at a rate that was the fastest since February 2021. Incoming new business contracted for a fifth month running, with the pace of decline unchanged from October’s 20-month record. Meanwhile, the rate of job creation was the weakest in just over a year-and-a-half, while the level of work pending completion dropped for the second time in the past three months. On the price front, input costs and output charges both increased sharply, although rates of inflation were at their weakest in three months in both instances. Looking ahead, business confidence picked up, but remained subdued.