Prior 50.2Composite PMI 52.5 vs 50.8 prior
Key findings:
Italian service sector sees strongest growth in new business of the year so farAccelerated growth in activity and new business Jobs added at quickest rate in over a year Charge inflation picks up, despite cooler cost pressures
Comment:
Eleanor Dennison, Economist at S&P Global Market Intelligence:
“The Italian service sector not only maintained growth, but the rate of expansion in activity accelerated to one that was broadly similar to that of manufacturing. The sector also signalled a pick-up in new business that was the strongest of the year-to-date.
“Greater signs of demand stability has also enabled firms to more actively protect profit margins by raising their own charges at a stronger rate than in June.
“What is also encouraging to see is the positive impact the latest injection of demand is already having on labour market outcomes. In fact, service sector job creation quickened to the fastest rate in just over a year.
“We are yet to see a full recovery in business sentiment across the sector, however, as respondents look to the future with doubt given continued geopolitical uncertainty.”
This article was written by Giuseppe Dellamotta at investinglive.com.