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Financial News: Italy Services Growth Improves In May

Italy Services Growth Improves In May

06/05/2018 - 06:28:00 (RTTNews)

(RTTNews) - Italy's service sector growth improved marginally in May, while business confidence softened to its lowest level in nearly two years, survey data from IHS Markit showed Tuesday.

The services Purchasing Managers' Index rose to 53.1 in May from 52.6 in April. Any reading above 50 indicates expansion in the sector.

Growth in new orders remained solid in May, bur softer than rates seen in late last year and early this year.

The survey revealed that workloads were sufficient to test capacity at their units, with levels of work outstanding rose at the fastest rate for 10 months.

As a result, firms raised their staffing numbers and the rate of job creation was again solid and has now been recorded in each month since October 2016.

On the price front, input prices rose sharply amid increased operating expenses and fuel prices. However, output prices fell further as competitive pressures weighed on pricing power.

"Confidence amongst service providers sank to its lowest level in nearly two years amid ongoing political instability and concerns that the recent downward growth trend will continue," Paul Smith, Director at IHS Markit, said.

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