August 05, 2024 07:56 GMT
ITALY DATA: Company Margins Under Pressure In July Services PMI
ITALY DATA
The Italian July services PMI printed at 51.7 (vs 52.9 cons, 53.7 prior). This represented the slowest rate of expansion seen since January this year, although the metric still logged a 7th consecutive month of expansion.
Company margins remained under pressure as firms struggled to pass-on increased cost pressures to consumers, contrasting with findings in the Spanish release.
Key notes from the release:
- “Where higher activity was recorded, firms attributed this to improved demand conditions and an influx of new customers”.
- “Jobs growth was sustained for a ninth successive month, but the rate was the slowest since March and moderate”.
- “July data also signalled the fiftieth consecutive month of increased input prices. Inflated staffing, fuel and raw material costs were mentioned in anecdotal evidence”.
- “Firms in the Italian services economy were less aggressive in their price setting in July”
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