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ITALY DATA: First Contractionary Services PMI Of 2024

ITALY DATA
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The Italian November services PMI was notably weaker than expected at 49.2 (vs 50.8 cons, 52.4 prior). This was the lowest since October 2023, and the first month in contractionary territory this calendar year. Note that despite waning demand both domestically and internationally, firms continued to increase employment. This follows a fresh cycle low for the unemployment rate on Monday, which fell to 5.8% in October. As in Spain, cost pressures intensified in November, but passthrough to final output charges was limited, indicative of weakening firm pricing power. 

Key notes from the release:

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The Italian November services PMI was notably weaker than expected at 49.2 (vs 50.8 cons, 52.4 prior). This was the lowest since October 2023, and the first month in contractionary territory this calendar year. Note that despite waning demand both domestically and internationally, firms continued to increase employment. This follows a fresh cycle low for the unemployment rate on Monday, which fell to 5.8% in October. As in Spain, cost pressures intensified in November, but passthrough to final output charges was limited, indicative of weakening firm pricing power. 

Key notes from the release:

Keep reading...Show less