(RTTNews) - The Purchasing Managers Index or PMI for Eurozone service sector dropped in December, while recorded a slight improvement for the UK, reports said citing Markit Economics.

The Eurozone services PMI declined to 42.1 in December from 42.5 in November. Economists had expected a reading of 42. The indicator for the manufacturing sector dropped to 33.9 in December from 35.6 in November. Consequently, the composite index fell to 38.2 from 38.9 in November. That was the lowest reading since the survey began in 1998. The latest composite reading was also down from the flash estimate of 38.3.

A PMI reading above 50 indicates expansion in the sector, while below 50 suggests contraction.

The services PMI for Germany was at 46.6 in December, up from 45.1 in November. Meanwhile, the consensus forecast was 46.4. The Italian service PMI was 40.3, an increase from 39.5 in November. The PMI for France fell to 40.6 from 46.2 in the preceding month.

The CIPS/NTC services PMI for the UK improved to 40.2 in December from November’s record low of 40.1. Economists had expected a reading of 39.

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Posted in Categories: Economy, Eurozone, Releases, UK.

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