Latest data released by Markit - 4 August 2021
- Prior 56.7
- Composite PMI 58.6 vs 59.5 expected
- Prior 58.3
A slight miss on estimates but still an improvement relative to June, as Italy's services sector rebound accelerates - reflecting strongest growth conditions in 14 years.
Markit notes that:
"Italy's services sector continued to rebound during July, with the latest increase in services activity the strongest for 14 years. Pent-up demand continued to be released amid looser COVID-19 measures, as total new work rose at the quickest rate since late 2017, in part due to a record upturn in export demand.
"Service providers also took on staff at an accelerated pace in July, with many companies noting they were struggling to keep up with sales and strengthening capacity pressures.
"The stronger upturn in services more than offset a slightly reduced rate of manufacturing growth, with private sector output expanding at the fastest rate since January 2018 as a result. Concerns remain based around prices, as both input costs and output charges rose at near record rates in July, with goods producers continuing to see severe rates of inflation amid supply constraints and material shortages. Nonetheless, the latest data point to another strong performance of Italy's private sector economy overall, with no signs of the recovery slowing down."
