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Financial News: Italy Services Growth At 5-Month Low

Italy Services Growth At 5-Month Low

04/05/2018 - 06:26:00 (RTTNews)

(RTTNews) - Italy's service sector activity expanded at the weakest pace in five months in March, survey data from IHS Markit showed Thursday.

The services Purchasing Managers' Index dropped to 52.6 in March from 55.0 in February. However, any reading above 50 indicates expansion in the sector.

Among components, growth in new orders eased to a five-month low in March. Employment also rose at a slower pace, in spite of a pick-up in the rate of backlog accumulation.

On the price front, cost inflation softened further, while selling prices declined amid competitive pressures.

"Growth continues to be held back primarily by underwhelming conditions in the domestic economy, especially on the consumption side, whilst ongoing political instability is adding to the uncertainty around Italy's future economic performance," Paul Smith, Director at IHS Markit, said.

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