Just like was the case last week with the EMU manufacturing PMI, the EMU service PMI was revised up by 0.3 points to 50.9, according to the final September report. In August, the index stood at 49.9. as a consequence of the revisions in the subindices, also the EMU composite index was revised higher to 51.1 from 50.4 in August, the highest since April of last year, and suggesting that EMU GDP growth turned positive in Q3 following a 0.2% Q/Q dip in Q2. The positive surprises in today’s final report were the improvements in the Italian and Spanish indices, which nevertheless still are below the 50 boom/bust level.
Other: UK service PMI confidence jumps
UK service sector expanded at its fastest pace for two years in September, according to the service PMI survey. The headline index jumped to 55.3 from 54.1 previously, exceeding expectations for a more modest improvement to 54.5. The level that the index reached matches the long term average and was reflected in a similar improvement of the sub-indices. Contrary to the service PMI, the manufacturing PMI, released last week, showed a less upbeat picture.
