- Prior 51.2
- Composite PMI 52.2
- Prior 51.2
The reading may be softer than estimates but it still reaffirms a sustained upturn in Italy's services sector. Of note, activity and new work increased again as cost inflation continues to decline. S&P Global notes that:
"Another rise in service sector activity, and at an accelerated rate, adds to the growing view that Italy's economy is, relatively speaking, successfully navigating its way through the winter and will avoid what looked only a few months ago like a certain recession. Growth has picked up, and despite the challenges of squeezed client and household budgets following a prolonged period of above average price rises, market demand appears resilient.
"Moreover, optimism is picking up, reaching its highest level since the spring of last year, supported by a further deceleration in cost inflation . However, there is some residual caution in hiring decisions, especially at a time of rising wages: employment rose in February, but at the slowest pace for a year."
