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Economy in Brief

EMU Services PMI Makes a Small Rebound in February
by Robert Brusca March 5, 2008

Services in the Euro Area bounced back in February but the index still resides in the lower portion of the range it has occupied since May of 2000. The overall index stands in its 39th percentile, about 10 percentage points below range mid-point. Germany and France have two of the ‘stronger’ service sector readings with indexes that are near or above their range midpoints at 50% and 56% respectively. Italy finds its service sector with the worst reading since this survey was taken. Similarly Spain and Ireland are weak in their range in the bottom 15 percentile or worse. The UK, an EU member country, finds its service sector in the 54th percentile. Its reading rose in February as well.

NTC Services Indexes for EU/EMU
  Feb-08 Jan-08 3Mo 6Mo 12Mo Percentile
Euro-13 52.25 50.56 51.98 53.35 55.54 39.9%
Germany 52.17 49.17 50.86 52.31 55.32 50.2%
France 58.15 56.60 57.88 58.01 58.35 56.0%
Italy 47.15 47.86 48.24 50.77 53.47 0.0%
Spain 46.13 44.24 47.12 49.48 52.42 11.7%
Ireland 48.27 51.90 51.23 52.96 55.19 14.6%
EU only
UK 54.05 52.46 52.96 53.43 55.41 54.4%
percentile is over range since May 2000
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