J.P. Morgan: Eurozone service sector activity remained resilient in May

J.P. Morgan: Eurozone service sector activity remained resilient in May

30 mei 2022

Economie algemeen Eurozone
Europa (02) omlaag

The Eurozone service sector business survey remained resilient in May despite consumer confidence being at recessionary levels. This stands in contrast to the UK where the service sector business survey showed a significant deceleration in the pace of growth in May, more in line with what one would expect given the recent weakness in consumer confidence.

It will be key for the outlook to monitor, both in the UK and Europe, whether the business surveys close the gap with consumer confidence by falling below 50 to recessionary levels or whether consumer confidence rises from here. One thing that could help improve consumer confidence is government support to deal with higher energy bills. With that in mind it will be interesting to see whether the recent announcement from the UK chancellor is enough to increase UK consumer confidence in the coming months.

30052022 J.P. Morgan

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