THE UK’s services sector registered increasing output growth in November, with its PMI rising from 51.3 to 52.1.
However, employment is believed to have fallen by several thousand as the picture for new orders remained weak.
In the US, services growth declined slightly by remained “modest,” falling from 52.9 to 52.0 in November, defying the European slowdown.
Output across the whole Eurozone came in at 47.0, its third consecutive month of decline, prompting economists to warn growth forecasts – already in contraction territory – may be cut further. Any PMI reading below 50 represents a fall in output.
The composite PMI figures – including services, manufacturing and construction data – fell into negative territory for Germany for the first time since July 2009, at 49.4.
And France, Italy and Spain all continued to decline, with composite PMIs of 48.8, 44.8 and 38.2 respectively.
Manufacturing and construction PMIs were released last week, joined by services figures yesterday.
Services PMI of 47.5 for the currency union as a whole represents a decline in output – though at a lower pace than in October, which registered a PMI of 46.4.
Spanish output collapsed further, hitting a 32-month low of 36.8.
France and Italy both experienced declining services output, with PMIs of 49.6 and 45.8, while Germany’s service sector barely grew in the month.