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Services PMI misses expectations

ITALY DATA
  • The Italian Markit Services PMI came in at 52.4 (54.5 exp, 55.5 prev).
  • The Italian Markit Composite PMI also missed at 54.2 (55.6 exp, 56.6 prev).
  • From press release:
    • "Business activity rises at weakest rate in current six-month sequence"
    • "October data also highlighted further severe inflationary pressures. Cost burdens facing Italian services firms rose again, with the rate of increase the steepest since July 2008."
    • "Output growth moderates to six-month low in October"

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