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Financial News: Italy's Service Sector Maintains Strong Growth Momentum

Italy's Service Sector Maintains Strong Growth Momentum

06/05/2017 - 05:45:00 (RTTNews)

(RTTNews) - Italy's services economy continued to display strong growth momentum May, though the rate of expansion eased slightly since April, survey data from IHS Markit showed Monday.

The Purchasing Managers' Index for the services sector dropped to 55.1 in May from 56.2 in April. However, any reading above 50 indicates expansion in the sector.

Moreover, the latest reading was still one of the highest in the past ten years.

New business growth eased marginally from April's ten-year peak. Employment rose for the eighth successive month in May, albeit at slower pace.

On the price front, input price inflation accelerated to a 11-month high in May, driven by salary pressures, recent rises in commodity prices and higher marketing costs.

Despite this, competitive pressures forced service providers to reduce their output prices, though the rate of decline was only marginal.

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