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Financial News: Italy's Service Sector Expands Marginally In August

Italy's Service Sector Expands Marginally In August

09/04/2019 - 08:12:00 (RTTNews)

(RTTNews) - Italy's service sector logged only a marginal growth in August largely reflecting contraction in foreign demand, survey data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index fell to 50.6 in August from 51.7 in July. A score above 50 indicates expansion in the sector.

Inflows of total new orders expanded for the third consecutive month, but the rate of increase eased from July's four-month high. Reflecting weak automotive export sales, new export business among service providers decreased in August.

Italian service providers continued to take on additional staff in August. The rate of backlog depletion was the fastest since March 2016.

On the price front, the survey showed that selling prices decreased as service providers provided discounts to boost sales. In contrast, input cost inflation quickened to the fastest in five months.

Sentiment among Italian service providers declined to a one-year low. Nonetheless, the overall degree of optimism was positive.

The composite output index posted at 50.3 in August, down from 51.0 in July, signaling the third consecutive monthly expansion in private sector output.

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