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Impressive Services PMI Helps Push Eurozone Back Into Growth

ITALY DATA
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Italian Services PMI impressed in March, with a sharp rise to 54.6 from 52.2 in February leaving the index well above the 53.1 expected. This was the 5th successive increase and the 3rd month in a row in expansionary territory above 50, with strength evident across the survey sub-indices, accompanied by elevated input/output costs.

  • This brought the composite Italian PMI reading up to 53.5 from 51.1 in February, and alongside a strong Spain survey and upward revisions to finals elsewhere helped push the Eurozone final composite above 50.0 for the first time since May 2023 (was 49.9 in the flash) - indicating regional activity is recovering from a trough in 2H 2023.
  • The Italy report from S&P Global noted that "in anecdotal evidence, service providers noted increased client interest and an influx of new customers as a driving factor behind the expansion." Other highlights:
  • "Demand for Italian services also saw an improvement in March, thereby continuing the trend of new business growth which began in January. Survey respondents linked the uplift to improved overall demand conditions and increased interest from clients. "
  • "output the strongest for nearly a year"
  • "renewed increase in new export business with new business from abroad rising for the first time since last July. Though only marginal, the rate of expansion was the quickest in ten months."
  • "Service sector firms across Italy responded to increased inflows of new work by raising workforce levels in March. This thereby marked the fifth successive month of job growth, with companies hiring part-time staff in particular.
  • "Against a backdrop of improved demand conditions, service sector firms across Italy were increasingly confident that activity would rise over the coming 12 months in March."
  • "input costs rose for the forty-sixth month running in March....Overall, the rate of input price inflation has been little changed in each month of the first quarter and remained elevated. Subsequently, firms raised their selling prices at a sharper pace in March. The rate of charge inflation was the strongest in just over a year and solid overall."

Source: S&P Global, MNI

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Italian Services PMI impressed in March, with a sharp rise to 54.6 from 52.2 in February leaving the index well above the 53.1 expected. This was the 5th successive increase and the 3rd month in a row in expansionary territory above 50, with strength evident across the survey sub-indices, accompanied by elevated input/output costs.

  • This brought the composite Italian PMI reading up to 53.5 from 51.1 in February, and alongside a strong Spain survey and upward revisions to finals elsewhere helped push the Eurozone final composite above 50.0 for the first time since May 2023 (was 49.9 in the flash) - indicating regional activity is recovering from a trough in 2H 2023.
  • The Italy report from S&P Global noted that "in anecdotal evidence, service providers noted increased client interest and an influx of new customers as a driving factor behind the expansion." Other highlights:
  • "Demand for Italian services also saw an improvement in March, thereby continuing the trend of new business growth which began in January. Survey respondents linked the uplift to improved overall demand conditions and increased interest from clients. "
  • "output the strongest for nearly a year"
  • "renewed increase in new export business with new business from abroad rising for the first time since last July. Though only marginal, the rate of expansion was the quickest in ten months."
  • "Service sector firms across Italy responded to increased inflows of new work by raising workforce levels in March. This thereby marked the fifth successive month of job growth, with companies hiring part-time staff in particular.
  • "Against a backdrop of improved demand conditions, service sector firms across Italy were increasingly confident that activity would rise over the coming 12 months in March."
  • "input costs rose for the forty-sixth month running in March....Overall, the rate of input price inflation has been little changed in each month of the first quarter and remained elevated. Subsequently, firms raised their selling prices at a sharper pace in March. The rate of charge inflation was the strongest in just over a year and solid overall."

Source: S&P Global, MNI