June 05, 2024 07:54 GMT
Services PMI Cites Expansion In Export Sales and Employment
ITALY DATA
The Italian May services PMI printed slightly softer than consensus at 54.2 (vs 54.5 cons, 54.3 prior), though remains in expansionary territory for the fifth consecutive month. The composite PMI was 52.3 (vs 53.2 cons, 52.6 prior), with Monday’s weak manufacturing print dragging.
Similar to the Spanish services PMI, respondents reported growth in export sales and employment, while input price increases continued to passed on to customers.
Key notes from the release:
- “Latest data meanwhile highlighted an expansion in new export sales, where the rate of increase hit a one-year high and was solid overall”.
- “Jobs growth quickened to the most pronounced for a year”… “Firms noted that the rise in workforce numbers was centred on hiring for permanent roles”.
- “Input price inflation was robust, though softer than April's one-year high. Where an increase was reported, firms mentioned greater energy, utility and staffing costs”.
- “The rate of charge inflation was solid”…“with higher selling prices linked to the pass-through of higher costs to customers”.
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