The euro zone services PMI index has soared almost five points higher in May, rising to 55.2 from 50.5 in April and exceeding the estimated 55.1 points. This is the fourth consecutive month of improvement for the indicator and the best reading recorded in almost three years, specifically since June 2018.
The Composite PMI has also improved in May, rising to 57.1 from the previous 53.8, improving the 56.9 expected by the market. The indicator has reached its highest score since February 2018.
According to the report of IHS MarkitAll nations recorded an improvement in activity since April, albeit with some considerable differences in growth rates. Ireland and Spain led the way, followed by France. Germany recorded the slowest expansion.
The improvement in overall regional activity coincided with the relaxation of COVID-19 restrictions in several nations during May, helping not only support production growth, but also a increase in new business volumes for the first time since last July. Growth was also strong and the best seen in 40 months.
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