Italy August services PMI 50.5 vs 48.3 expected

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Italy August services PMI 50.5 vs 48.3 expected

<ul><li>Prior 48.4</li><li>Composite PMI 49.6</li><li>Prior 47.7</li></ul><p style="" class="text-align-justify">That's a surprise beat in Italian services activity, though overall economic conditions are still seen stagnating on the month despite showing an improvement relative to July. S&P Global notes that:</p><p style="" class="text-align-justify">"Italy's service sector recorded a rise in activity during August, with the respective seasonally adjusted index edging above the neutral level of 50.0. Market conditions remained subdued however. New export business declined for the first time since March, though a better domestic performance saw total new business broadly stabilise following a decline in July. </p><p style="" class="text-align-justify">"The return to growth for services activity, combined with a slower contraction in factory production helped to stem the downturn at the composite level, though Italian private sector output declined for the second month in a row. </p><p style="" class="text-align-justify">"Positive news again came with regards to inflation as the pace of input cost and charge <a href="https://www.cfdmagnates.com/fm/education/terms/edit-term/ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa" target="_blank" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_2" class="terms__main-term">inflation</a> eased further, but nonetheless remained elevated by historical standards. </p><p style="" class="text-align-justify">"The challenging environment facing firms, combined with fears of a recession and concerns around inflationary pressures was reflected in a subdued level of business confidence. Despite ticking up since July, sentiment within the private sector was amongst the weakest on record."</p>

This article was written by Justin Low at www.forexlive.com.

Source: Italy August services PMI 50.5 vs 48.3 expected

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