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Financial News: Italy Service Sector Growth Robust In August

Italy Service Sector Growth Robust In August

09/05/2017 - 06:40:00 (RTTNews)

(RTTNews) - Italy's service sector activity expanded strongly in August, though the rate of growth eased since July, survey data from IHS Markit showed Tuesday.

The Purchasing Managers' Index for the services sector dropped to 55.1 in August from July's ten-month high of 56.3. However, any reading above 50 indicates expansion in the sector.

Despite having eased slightly, the rate of growth in tertiary sector business activity remained strong overall and among the fastest seen since 2007.

Higher business activity in August was mainly driven by a rise in the level of new business. Nonetheless, growth of order books eased since July but remained strong overall.

The rate of job creation across the service sector eased to a eight-month low in August, partly reflected a weakening of business confidence towards future performance.

On the price front, input price inflation picked up marginally in August, while selling prices remained broadly unchanged due to competitive pressures.

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