Just like the Final Manufacturing PMI, the Final Services PMI is released by Markit and, that one too, is released 2 min earlier for Thomson Reuters subscribers. So if any volatility surrounding the release, the early volatility should be attributed to those subscribers.
It shows a survey based on purchasing managers in the service industry answering questions regarding the relative level of general business conditions, employment level, labor, etc. The result is compared with the 50 level: higher meaning industry expanding, lower meaning industry contracting.
Final Services PMI is way more important that the manufacturing brother of the release as economies in Europe tend to be service based economies, in the sense that the service component is having a higher impact on the final GDP than the manufacturing component.
The most important things to take into consideration when looking at Final Services PMI indicator are the following:
- released to Thomson Reuters subscribers 2 min earlier;
- comes in two versions: flash and final;
- flash is more important;
- first tier data.