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ITALY DATA: Strong October Services PMI Consistent With Bank of Italy Survey

ITALY DATA

The Italian services PMI was stronger than expected at 52.4 (vs 50.2 cons and 50.5 prior). After the manufacturing PMI remained in contractionary territory on Monday, October’s trends echo the Bank of Italy’s latest Business Outlook Survey (released yesterday).

As in Spain, higher salary costs drove increased cost pressures for firms, but there was less passthrough into output charges reported in the Italian survey.

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The Italian services PMI was stronger than expected at 52.4 (vs 50.2 cons and 50.5 prior). After the manufacturing PMI remained in contractionary territory on Monday, October’s trends echo the Bank of Italy’s latest Business Outlook Survey (released yesterday).

As in Spain, higher salary costs drove increased cost pressures for firms, but there was less passthrough into output charges reported in the Italian survey.

Keep reading...Show less