- Prior 49.4
- Composite PMI 50.8 vs 50.4 prior
Key findings:
- Growth of Italian service sector reinstated, supported by fresh intake of new business in June
- Strength in domestic sales drives renewed growth in total new business
- Cost pressures soften and confidence improves
Comment:
Eleanor Dennison, Economist at S&P Global Market Intelligence:
"The service sector joined its manufacturing counterpart in signalling an expansion in June, but only just eking out growth. This was supported by a modest and renewed uptick in new business.
"Services companies again faced a steep degree of cost pressure but signalled only a moderate increase in their charges. However, rates of both cost and charge inflation did retreat in June. Although the gap between the two price gauges is still above-average, it is far smaller than May where the divergence was its greatest in almost three-and-a-half years. Signs that the heat is coming off inflation will be a welcome reprieve at service providers and consumers alike.
"This move away from the two-speed, manufacturing backed, economy seen in recent months is a much welcomed development, particularly given the uncertainty around whether stockpiling-driven support in the goods-producing sector will drop off."
