In July, Italy's services sector growth accelerated to its highest level in 10 years. This was revealed by the PMI index elaborated by IHS Markit on the confidence of purchasing managers in the category, which returned to growth for the first time in the last three months, jumping to 56,3 points from 53,6 in June (the threshold of 50 points is the one that marks the boundary between expansion and contraction).
A similar result, decidedly higher than analysts' expectations (the consensus was at 54,1), has not been seen since mid-2006. The driving component was that relating to new orders (a good omen for the coming months, therefore, because we are talking about future turnover), which rose between June and July from 55,6 to 57,5 points, a record for over 11 years.
On Tuesday, however, Markit had published the PMI index relating to the Italian manufacturing sector, which showed a modest slowdown in the pace of growth to 55,1 points, one tenth below June and expectations.
The composite indicator, which is a synthesis of manufacturing and services, thus rose to 56,2 points, from 54,5 in the previous month.
As far as the Eurozone economy is concerned, the composite PMI dropped to 55,7 points in July, from 56,3 in June. The result is just below the flash estimate, which was 55,8 points.
