Latest data released by Markit - 3 December 2020
- Prior 46.7
- Composite PMI 42.7 vs 43.7 expected
- Prior 49.2
The services output declined at its quickest pace since May as stricter lockdown measures weighed on the sector and the Italian economy last month. Markit notes that:
"The Italian services sector remained mired in a downturn during November. Services output declined at the fastest pace since May amid a marked drop in new business, as stricter COVID-19 related measures took their toll on client demand.
"Subsequently, job cuts continued into November and were the most widespread since June, with the latest round of job shedding attributed to the pandemic.
"The service segment continued to drag on overall private sector performance, as the marked drop in activity outweighed a mild uptick in manufacturing production. As a result, private sector output fell at the sharpest rate for six months.
"The latest data will not come as much of a surprise, however, due to the imposition of more stringent lockdown measures, which tend to have a greater impact on service providers. Once restrictions are loosened, client demand can be revived again; indeed, firms remain confident that output will rise over the next year, with positive news regarding a vaccine and hopes of an economic rebound at the forefront of greater confidence."