- Prior 56.2
- Composite PMI 52.8 vs 53.3 prelim
- Prior 54.1
The lower revision was already predicated by the earlier readings. All of this just points to a slowdown in momentum in euro area services activity. This comes as demand conditions wane a little while higher price pressures are still weighing on sentiment. Looking at the overall performance, all the country releases today show an easing in activity (Spain: 4-month low, Italy: 4-month low, France: 4-month low, Germany: 2-month low). HCOB notes that:
