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Eurozone: Services PMI improves to 48.7 in November as sector records first month of job losses since January 2021

The indicator S&P Global services PMI for the Eurozone has risen 9 tenths in Novemberrising to 48.7 from 47.8 in October, its highest level in two months. The figure improves market forecasts, which expected a slight increase to 48.2, but even so the sector remains in contraction territory for the fourth consecutive month.

The integrated PMI has grown 1.1 points, rising from 46.5 in October to 47.6 in November, its best record in four months. The data exceeds consensus expectations, which forecast an increase to 47.1.

According to the S&P Global statement, this is the first month of job losses since January 2021 as new orders and backorders declines.

EUR/USD reaction

The EUR/USD has barely reacted with a rise of 10 pips. At the time of writing, the pair is trading above 1.0836, gaining a slight 0.02% daily.

Source: Fx Street

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