Italy services PMI rises to 52.4, export orders fall

The HCOB Italy Services PMI increased to 52.4 in October 2024, surpassing market expectations and the September reading of 50.5.

Italy services PMI rises to 52.4, export orders fall

This marked the most robust growth since June and was above the series' long-term average. The improvement was driven by a rebound in total new orders bolstered by higher domestic demand. However, new export orders declined due to ongoing geopolitical tensions and weak global economic conditions. Additionally, Italian service providers paused hiring in October, ending nearly a year of job growth.

Italy services PMI sees cost rise, business confidence stable

On the pricing front, input costs rose, primarily due to higher service fees and wages, with some of these costs being passed on to consumers. Business confidence remained unchanged, staying below historical averages.