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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ITALY DATA
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:
- “Lower activity levels were a result of reduced new business inflows and a greater feeling of uncertainty across the sector”.
- “There was evidence that the downturn was widespread as volumes of new work from abroad also fell in November, thus signalling a fourth consecutive monthly fall in export sales”.
- “Firms across the sector exhibited renewed willingness to expand their workforces in November. However, the rate of job creation was slightly below the long-run series average and was only marginal overall”.
- “Looking at price trends, service providers in Italy signalled a marked rise in cost burdens in November”.
- “Despite elevated cost pressures, services firms signalled only a marginal rise in their fees in November, and at a rate similar to that seen in October and September”.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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