💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Italian services activity growth cools in Dec -PMI

Published 01/05/2022, 04:08 AM
Updated 01/05/2022, 04:11 AM
© Reuters. FILE PHOTO: Italians enjoy aperitivo evening drinks sitting down at a bar as much of the country becomes a 'yellow zone', easing coronavirus disease (COVID-19) restrictions allowing bars and restaurants to serve clients at outdoor tables, in Venice, Italy

ROME (Reuters) - Italy's services sector continued to grow in December, but less quickly than in November, reflecting slightly slower gains in total new work, a survey showed on Wednesday.

IHS Markit's Business Activity Index for services stood at 53.0 in December, down from 55.9 in November but comfortably above the 50 mark that separates growth from contraction for an eighth successive month.

The figure was below the median forecast in a Reuters survey of seven analysts which had pointed to a reading of 53.9.

Italy's service sector took longer to recover from COVID-19 lockdowns than the smaller manufacturing sector, which has seen healthy growth for the last year and recorded its 18th consecutive month of expansion in December.

Factories, unlike many services businesses, remained open during most of the COVID-19 pandemic.

The sub-index for new business in the service sector came in at 55.4 in December from 56.3 the month before.

© Reuters. FILE PHOTO: Italians enjoy aperitivo evening drinks sitting down at a bar as much of the country becomes a 'yellow zone', easing coronavirus disease (COVID-19) restrictions allowing bars and restaurants to serve clients at outdoor tables, in Venice, Italy, April 26, 2021. REUTERS/Manuel Silvestri

The composite Purchasing Managers' Index for services and manufacturing remained robust in December at 54.7, down from 57.6 posted in November but its 11th successive month of growth.

Prime Minister Mario Draghi says the Italian economy almost certainly expanded in 2021 by more than the government's official 6.0% forecast and is predicting growth of 4.7% in 2022.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.