Latest data released by Markit - 3 June 2021
- Prior 47.3
- Composite PMI 55.7 vs 56.1 expected
- Prior 51.2
Italy's services sector returns to growth in May, with business activity seen rising for the first time in almost a year as looser virus restrictions helped to bolster sentiment.
Stronger consumer confidence was also noted and reflected as demand conditions were firmer. Markit notes that:
"Italy's service sector saw its first signs of a recovery during May. Business activity rose for the first time since last July and at the strongest rate since March 2019, amid the fastest upturn in new business for over three years as companies reopened and demand began to recover as COVID-19 restrictions eased. Subsequently, services employment stabilised following a 14-month sequence of job shedding.
"The rebound in services activity during May was joined with a near record upturn in factory production and as a result, data highlighted the fastest rate of private sector output growth since February 2018. This bodes well for the Italian economy, which has been, so far, held back by the weak performance of services. With COVID-19 lockdown measures much looser, we should expect to see further growth over the coming months as the economy continues on its recovery path."
