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Financial News: Italy Services Growth Strongest Since July 2007

Italy Services Growth Strongest Since July 2007

02/05/2018 - 05:44:00 (RTTNews)

(RTTNews) - Italy's service sector activity expanded at the quickest pace in ten-and-a-half years in January, survey data from IHS Markit showed Monday.

The services Purchasing Managers' Index rose to 57.7 in January from 55.4 in December. Any reading above 50 indicates expansion in the sector.

Although down on the month, the rate of growth in new business was again sharp and close to December's 11-and-a-half year high.

Optimism subsequently appreciated considerably, and helped to drive a further gain in employment.

On the price front, input prices continued to increase in January, led by higher prices of energy and fuel prices.

Meanwhile, output prices rose for the first time in six-and-a-half years. Nonetheless, competitive pressures ensured that the rate of inflation was marginal.

Finally, optimism surged in January to its highest level since May 2011.

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