Italian services growth falls in October: PMI

Published: November 06, 2017 15:16:06 | Updated: November 09, 2017 15:22:19


Representational image (Photo- Collected)

Growth in Italy’s service sector slowed for a third straight month in October, a survey showed on Monday, a sign a recent flurry in economic activity may be petering out.

The Markit/ADACI Business Activity Index for services companies dropped to 52.1 from September’s 53.2, remaining above the 50 mark that separates growth from contraction but posting its lowest reading in a year, reports Reuters.

The sub-index for new work at businesses from insurers to hairdressers also fell to its lowest level in a year in October, to 52.1 from 53.2.

On the other hand, a sub-index, measuring business expectations for the next 12 months, rose to its highest level in 21 months.

Markit’s sister survey for the manufacturing sector, released on Thursday, showed activity growing at its fastest rate in more than six years.

The composite PMI for services and manufacturing declined to 53.9 in October, its lowest since January, from 54.3 in September.

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