Italy: Services PMI upturn loses momentum in July
The HCOB Italy Services Purchasing Managers’ Index (PMI) fell to 51.7 in July from 53.7 in June. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in services-sector business activity compared to the previous month.
The slowdown in the services sector’s expansion was primarily due to a deceleration in new business growth and the lowest rise in employment since March. Despite this, July still saw the sector expand for the seventh consecutive month.
Regarding prices, input prices rose for the 50th consecutive month due to higher staffing, fuel, and raw material costs. That said, the rate of charge inflation eased for the third consecutive month. Meanwhile, business confidence was the weakest recorded so far in 2024.