Italy services activity sees strong growth in November – PMI

Reading Time: < 1 minute

ROME, Dec 3 (Reuters) – Italy’s services sector recorded buoyant growth in November, a survey showed on Friday, pointing to ongoing economic expansion even as rising COVID-19 infections cast doubts over the outlook.

IHS Markit’s Business Activity Index for services stood at 55.9 in November, up from 52.4 in October, rising further above the 50 mark that separates growth from contraction.

The result was better than the median forecast in a Reuters survey of 13 analysts, which had pointed to a reading of 54.8.

Italy’s service sector took longer to recover from COVID-19 lockdowns than the smaller manufacturing sector, which has seen healthy growth for the last year and recorded its strongest activity in more than 24 years in November.

Factories, unlike many services businesses, remained open during most of the pandemic.

The sub-index for new business in the service sector rose in November to 56.3 from 54.8 the month before.

The composite Purchasing Managers’ Index for services and manufacturing rose in November to 57.6 from 54.2 in October, marking a tenth month above the 50 level.

(Reporting by Angelo Amante; Editing by Toby Chopra)

Once you're here...