The 1/4  BIS central bankers' speeches  services PMI declined to 50.5 in August from 54.7 in July, while the manufacturing PMI continued to improve marginally. Retail trade has returned to pre-pandemic levels but expenditure on several consumer services remains exceptionally low.
With consumer and business services accounting for 55% of the euro area economy, it is clear that a full recovery requires a more significant rebound in these sectors.