The S&P Global Italy Services PMI fell to 46.4 in October of 2022 from 48.8 in September, missing estimates of 48.5 and marking the third contraction in services activity in the last four months. Business activity shrank for the second consecutive month, with new business inflows falling at the sharpest rate since January 2021 as soaring prices and economic uncertainty hit client demand. Weaker demand for Italian services was also prevalent in foreign markets. Consequently, backlogs of work dropped for the fourth straight month. Still, firms continued to take in new work, largely due to expectations of a rebound in demand. On the price front, both input and selling inflation slowed in October but remained high at historical levels, underpinned by higher costs for energy and staff. Looking forward, optimism fell to a 23-month low, driven by concerns that higher energy prices could drive inflation even higher. source: Markit Economics

Services PMI in Italy averaged 49.71 points from 2011 until 2022, reaching an all time high of 58.00 points in July of 2021 and a record low of 10.80 points in April of 2020. This page provides the latest reported value for - Italy Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Italy Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on November of 2022.

Services PMI in Italy is expected to be 46.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Italy Services PMI is projected to trend around 51.30 points in 2023 and 52.00 points in 2024, according to our econometric models.

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Italy Services PMI



Related Last Previous Unit Reference
Services PMI 46.40 48.80 points Oct 2022
Manufacturing PMI 46.50 48.30 points Oct 2022
Composite PMI 45.80 47.60 points Oct 2022

Italy Services PMI
Markit/ADACI Italy Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of around 400 companies based in the Italian service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
46.40 48.80 58.00 10.80 2011 - 2022 points Monthly

News Stream
Italian Service Sector Contracts Sharply
The S&P Global Italy Services PMI fell to 46.4 in October of 2022 from 48.8 in September, missing estimates of 48.5 and marking the third contraction in services activity in the last four months. Business activity shrank for the second consecutive month, with new business inflows falling at the sharpest rate since January 2021 as soaring prices and economic uncertainty hit client demand. Weaker demand for Italian services was also prevalent in foreign markets. Consequently, backlogs of work dropped for the fourth straight month. Still, firms continued to take in new work, largely due to expectations of a rebound in demand. On the price front, both input and selling inflation slowed in October but remained high at historical levels, underpinned by higher costs for energy and staff. Looking forward, optimism fell to a 23-month low, driven by concerns that higher energy prices could drive inflation even higher.
2022-11-04
Italian Services Sector Contracts
The S&P Global Italy Services PMI fell to 48.8 in September 2022 from 50.5 in August, marking the second contraction in services output in the last three months and the weakest quarterly performance since the start of 2021. Business activity declined for the second time in three months, amid a further reduction in inflows of new business, attributed to weaker client demand due to surging costs, political uncertainty and concerns around the economic outlook. At the same time, inflationary pressures picked up, with the rate of cost inflation accelerating for the first time since March, while charges levied by services rose at a series record pace. Looking ahead, Italian services firms recorded a slight uplift in sentiment towards the 12-month outlook for business activity in September due to hopes of a rebound in demand. That said, the Future Activity Index held close to August's 27-month low in September and was well below the series average.
2022-10-05
Italian Services Sector Unexpectedly Rebounds
The S&P Global Italy Services PMI rose to 50.5 in August of 2022 from 48.4 in the previous period and well above market expectations 48.3, pointing to a slight rebound from the contraction in July. Production was marginally higher while inflows of new business broadly stagnated, as the pick-up in orders due to easing pandemic restrictions offset the poor economic outlook that continued to weigh on demand. At the same time, orders from abroad fell for the first time since March. Albeit at a slow pace, Italian service providers continued to expand their workforce, extending the period of hiring growth that started in May 2021. On the price front, inflation continued to pressure companies with higher prices for energy, staff, fuel, and transportation. While price growth was the slowest since December, it was the 8th quickest on record. Business confidence remained positive overall, but sank to a 21-month low due to recession fears and inflationary pressures.
2022-09-05