Latest data released by Markit - 3 September 2021
- Prior 58.0
- Composite PMI 59.1
- Prior 58.6
Italian services activity continues to expand at a strong rate in August, with the rate of increase being the joint-fastest in 14 years. Strong demand conditions contributed much to the robust expansion, with new business also rising rapidly once again.
Markit notes that:
"The Italian service sector recorded another month of steep activity growth during August, with the headline Business Activity Index unchanged from July's 14-year high. Inflows of new work rose rapidly again, amid reports of strong client demand, with the rate of increase easing only slightly due to a near stagnation in new work from abroad.
"Companies continued to take on additional staff, extending the current sequence of job creation to four months, while inflationary pressures subsided slightly, but remained severe, nonetheless.
"The strong services performance was met with an accelerated pace of manufacturing output growth and as a result, private sector output expanded at a pace not seen for more than 15 years. Overall, August data pointed to another stellar month for the Italian private sector economy. Inflationary pressures remain a key concern, but as yet, seem not to be hindering growth, with data showing no signs of any slowdown."
