Italy October services PMI 46.4 vs 48.5 expected

Previous 8.8 Composite PMI 5.8 Previous 7.6 New businesses contracted at the fastest pace since January 2021, with respondents citing weak demand linked to higher prices and increased economic uncertainty as the main drag on activity. SandP Global notes that: „October PMI data showed that Italy’s services sector shrank further due to the region’s fastest decline in new business since early 2021. Businesses pointed to both economic uncertainty and higher prices. ” October also recorded a faster contraction in industrial. production As a result, Italy’s private sector output fell at the fastest rate in nearly two years. „A more positive effect of weak demand was a further easing of inflationary pressures at the beginning of the fourth quarter. However, both spending and wage growth rates remained among record highs, and companies reported higher energy costs, fuel, material and labor costs due. to more high input prices. „The continued economic decline was again reflected in Italy in sharply weakened business expectations for the outlook. Overall business confidence was unchanged from September’s 28-month low and one of the weakest on record.”

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