January 2017 Eurozone Markit services PMI final 53.7 vs 53.6 exp

January 2017 Eurozone Markit services PMI final report 3 February 2017

• Flash 53.7. Dec 53.7


• New orders 53.7 vs 53.5 prior


• Employment 52.8 vs 52.9 flash. Dec 52.2


• Composite 54.4 vs 54.3 flash. Dec 54.4


• New orders 54.3 vs 54.1 prior

Says Chris Williamson at Markit;

"The latest reading is comparable to GDP rising at a quarterly rate of 0.4%, indicating that the
economy is starting 2017 on a solid footing. Meanwhile, faster growth of new business and an
upturn in confidence about the year ahead to the highest since the region"s debt crisis bodes well for the robust pace of growth to be sustained in coming months.The impressive pace of employment growth should also help drive consumer spending higher in coming months, further boosting the economy.

While inflationary pressures are rising - with tentative signs of core inflation also picking up amid stronger demand - ECB rhetoric may soon turn more hawkish. However, any actual change to the policy stance still looks unlikely until at least late-2017 due to the heightened political uncertainty that clouds the outlook."

We"ve seen a mixed bag of numbers this morning and a touch of softening from the Dec reports but overall things are still in expansion and ticking along. Input costs rising the most since Mar 2012 was also followed by output/selling costs rising but not as much in as in Dec. That means there"s some trepidation in passing on higher costs.

Eurozone services PMI

January 2017 Eurozone Markit services PMI final 53.7 vs 53.6 exp
January 2017 Eurozone Markit services PMI final 53.7 vs 53.6 exp
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