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Italy PMI June 2024

Italy: Services PMI falls in June

The HCOB Italy Services Purchasing Managers’ Index (PMI) fell to 53.7 in June from 54.2 in May. 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 slight slowdown in services activity was primarily due to a slower rise in new export business and the slowest growth in overall new business in five months. Despite this, demand for Italian services remained robust. In addition, job growth in the sector was also sustained, with the rate of job creation being moderate but still high by historical standards.

Regarding prices, input inflation eased slightly, though remained elevated due to rising wages and energy costs. In turn, output inflation fell to the lowest since last November. Meanwhile, business sentiment in the service sector reached its highest level in 28 months.

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