- Prior 46.4
- Composite PMI 48.9
- Prior 45.8
The downturn in Italian services activity eases slightly in November, with the slowest fall in new work being observed since August. Adding to that, business confidence has also recovered to a five-month high at least. S&P Global notes that:
"The Italian service sector recorded a notably slower contraction in activity during November, helped by the slowest fall in new business since August.
"The manufacturing sector too registered a weaker decline in factory production during the penultimate month of the year, and as a result, the downturn in output at the composite level slowed to a mild pace.
"Some positive news for the Italian economy again came with respects to the labour market and inflation, with PMI data pointing to a sustained, and quicker, uplift in staffing levels in addition to cooling rates of both cost and charge inflation .
"Although conditions remain challenging, the easing downturn buoyed companies’ expectations, with confidence towards the year-ahead outlook the strongest since May."